Southside Bancshares (NASDAQ:SBSI) Stock Rating Lowered by ValuEngine

Southside Bancshares (NASDAQ:SBSI) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, ValuEngine reports.

Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Zacks Investment Research upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday.

SBSI stock opened at $35.43 on Wednesday. The firm has a 50 day moving average of $35.04 and a 200-day moving average of $33.70. The firm has a market capitalization of $1.20 billion, a P/E ratio of 16.79 and a beta of 0.71. Southside Bancshares has a 12 month low of $29.71 and a 12 month high of $35.97. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.21.

Southside Bancshares (NASDAQ:SBSI) last posted its earnings results on Friday, October 25th. The bank reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.01). Southside Bancshares had a return on equity of 9.79% and a net margin of 26.61%. The firm had revenue of $55.29 million for the quarter, compared to the consensus estimate of $56.95 million. During the same period last year, the company posted $0.58 EPS. The business’s revenue was up .9% on a year-over-year basis. Sell-side analysts predict that Southside Bancshares will post 2.26 EPS for the current year.

In related news, COO Brian K. Mccabe sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $35.40, for a total value of $42,480.00. Following the transaction, the chief operating officer now directly owns 16,778 shares in the company, valued at $593,941.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Julie Shamburger sold 1,635 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $34.84, for a total transaction of $56,963.40. Following the completion of the transaction, the chief financial officer now owns 17,237 shares in the company, valued at $600,537.08. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its stake in Southside Bancshares by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 49,968 shares of the bank’s stock worth $1,704,000 after buying an additional 597 shares in the last quarter. California Public Employees Retirement System lifted its holdings in shares of Southside Bancshares by 14.6% during the 3rd quarter. California Public Employees Retirement System now owns 73,103 shares of the bank’s stock worth $2,494,000 after acquiring an additional 9,331 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Southside Bancshares by 3.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 600,000 shares of the bank’s stock worth $20,466,000 after acquiring an additional 20,000 shares during the last quarter. State of Tennessee Treasury Department lifted its holdings in shares of Southside Bancshares by 8.5% during the 3rd quarter. State of Tennessee Treasury Department now owns 14,255 shares of the bank’s stock worth $486,000 after acquiring an additional 1,121 shares during the last quarter. Finally, Naples Global Advisors LLC grew its position in Southside Bancshares by 1.4% in the third quarter. Naples Global Advisors LLC now owns 29,475 shares of the bank’s stock worth $1,005,000 after acquiring an additional 400 shares in the last quarter. Institutional investors and hedge funds own 52.99% of the company’s stock.

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.

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