Municipal Employees Retirement System of Michigan lessened its stake in Southside Bancshares, Inc. (NASDAQ:SBSI) by 29.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,807 shares of the bank’s stock after selling 3,240 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Southside Bancshares were worth $263,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in SBSI. BlackRock Inc. grew its stake in Southside Bancshares by 7.0% in the 1st quarter. BlackRock Inc. now owns 3,613,119 shares of the bank’s stock worth $125,521,000 after buying an additional 237,122 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Southside Bancshares by 23.3% in the 1st quarter. Handelsbanken Fonder AB now owns 542,437 shares of the bank’s stock worth $18,844,000 after buying an additional 102,437 shares in the last quarter. Millennium Management LLC grew its stake in Southside Bancshares by 216.2% in the 1st quarter. Millennium Management LLC now owns 125,155 shares of the bank’s stock worth $4,348,000 after buying an additional 85,576 shares in the last quarter. Deutsche Bank AG grew its stake in Southside Bancshares by 99.6% in the 4th quarter. Deutsche Bank AG now owns 73,216 shares of the bank’s stock worth $2,463,000 after buying an additional 36,534 shares in the last quarter. Finally, Chatham Capital Group Inc. grew its stake in Southside Bancshares by 60.3% in the 1st quarter. Chatham Capital Group Inc. now owns 40,331 shares of the bank’s stock worth $1,401,000 after buying an additional 15,175 shares in the last quarter. 46.52% of the stock is owned by institutional investors and hedge funds.
SBSI has been the subject of a number of research reports. BidaskClub raised shares of Southside Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 price target on shares of Southside Bancshares in a research note on Friday, July 27th. Zacks Investment Research lowered shares of Southside Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Finally, ValuEngine lowered shares of Southside Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Southside Bancshares currently has an average rating of “Hold” and an average target price of $38.00.
Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Friday, July 27th. The bank reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.02). The business had revenue of $54.12 million during the quarter, compared to the consensus estimate of $57.36 million. Southside Bancshares had a return on equity of 9.07% and a net margin of 24.55%. The company’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 earnings per share. equities research analysts expect that Southside Bancshares, Inc. will post 2.25 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 6th. Stockholders of record on Thursday, August 23rd will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 22nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.35%. Southside Bancshares’s payout ratio is 63.49%.
Southside Bancshares Profile
Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.
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