Southside Bancshares (NASDAQ:SBSI) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Southside Bancshares (NASDAQ:SBSI – Get Rating) in a report issued on Thursday. The firm issued a sell rating on the bank’s stock.

Separately, Stephens boosted their price target on Southside Bancshares from $36.00 to $40.00 and gave the stock an equal weight rating in a research report on Monday, January 30th.

Southside Bancshares Stock Down 5.2 %

Shares of SBSI opened at $33.08 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 0.66. Southside Bancshares has a one year low of $31.18 and a one year high of $42.12. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.12 and a beta of 0.55. The stock has a 50 day moving average price of $37.14 and a 200 day moving average price of $36.36.

Southside Bancshares Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 2nd. Shareholders of record on Thursday, February 16th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend was Wednesday, February 15th. Southside Bancshares’s dividend payout ratio (DPR) is currently 42.81%.

Hedge Funds Weigh In On Southside Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd boosted its stake in Southside Bancshares by 387.6% during the third quarter. Point72 Hong Kong Ltd now owns 1,921 shares of the bank’s stock worth $68,000 after buying an additional 1,527 shares during the last quarter. Quantbot Technologies LP acquired a new position in Southside Bancshares during the second quarter worth $105,000. Allspring Global Investments Holdings LLC boosted its stake in Southside Bancshares by 17.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 4,786 shares of the bank’s stock worth $169,000 after buying an additional 709 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Southside Bancshares by 51.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,164 shares of the bank’s stock worth $186,000 after buying an additional 1,764 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Southside Bancshares by 15.7% during the second quarter. Mutual of America Capital Management LLC now owns 5,395 shares of the bank’s stock worth $202,000 after buying an additional 733 shares during the last quarter. Institutional investors and hedge funds own 53.13% of the company’s stock.

Southside Bancshares Company Profile

(Get Rating)

Southside Bancshares, Inc is a bank holding company, which engages in the provision of financial services to individuals, businesses, municipal entities, and non-profit organizations. It offers checking, saving and retirement accounts, certificate of deposits, debit, credit cards, mobile banking, loans, mortgage and equity lending, identity theft prevention, electronic banking, healthcare banking, and business loans.