Southside Bancshares, Inc. (SBSI) Announces Quarterly Dividend of $0.31

Southside Bancshares, Inc. (NASDAQ:SBSI) announced a quarterly dividend on Friday, May 10th, Wall Street Journal reports. Shareholders of record on Thursday, May 23rd will be given a dividend of 0.31 per share by the bank on Thursday, June 6th. This represents a $1.24 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Wednesday, May 22nd. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.30.

Southside Bancshares has raised its dividend payment by an average of 8.7% per year over the last three years and has raised its dividend annually for the last 21 consecutive years. Southside Bancshares has a dividend payout ratio of 52.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Southside Bancshares to earn $2.36 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 50.8%.

NASDAQ:SBSI traded up $0.21 on Friday, reaching $35.33. 93,761 shares of the stock traded hands, compared to its average volume of 124,803. The company has a market capitalization of $1.17 billion, a PE ratio of 16.74 and a beta of 0.78. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.78 and a current ratio of 0.78. Southside Bancshares has a 1-year low of $29.28 and a 1-year high of $37.32.

Southside Bancshares (NASDAQ:SBSI) last released its earnings results on Friday, April 26th. The bank reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $53.05 million during the quarter, compared to the consensus estimate of $54.48 million. Southside Bancshares had a net margin of 28.23% and a return on equity of 10.37%. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. Research analysts predict that Southside Bancshares will post 2.26 EPS for the current year.

A number of analysts have weighed in on SBSI shares. BidaskClub downgraded shares of Southside Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, February 2nd. Zacks Investment Research downgraded shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, February 7th.

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About Southside Bancshares

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.

Further Reading: Momentum Investing

Dividend History for Southside Bancshares (NASDAQ:SBSI)

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