Southside Bancshares, Inc. Announces Quarterly Dividend of $0.37 (NASDAQ:SBSI)

Southside Bancshares, Inc. (NASDAQ:SBSI) announced a quarterly dividend on Thursday, November 2nd, NASDAQ reports. Stockholders of record on Wednesday, November 22nd will be paid a dividend of 0.37 per share by the bank on Thursday, December 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date is Tuesday, November 21st.

Southside Bancshares has increased its dividend by an average of 3.4% per year over the last three years and has raised its dividend annually for the last 29 consecutive years. Southside Bancshares has a dividend payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Southside Bancshares to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 55.1%.

Southside Bancshares Stock Performance

Shares of NASDAQ SBSI opened at $29.18 on Monday. The stock has a market cap of $881.24 million, a PE ratio of 9.38 and a beta of 0.56. The firm has a fifty day moving average price of $28.40 and a 200-day moving average price of $28.68. Southside Bancshares has a 1 year low of $25.38 and a 1 year high of $40.38. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.72 and a quick ratio of 0.72.

Southside Bancshares (NASDAQ:SBSI) last posted its earnings results on Thursday, October 26th. The bank reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.17). The company had revenue of $67.26 million for the quarter, compared to analysts’ expectations of $68.00 million. Southside Bancshares had a net margin of 25.54% and a return on equity of 13.13%. Equities analysts anticipate that Southside Bancshares will post 2.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SBSI. Stephens raised their target price on shares of Southside Bancshares from $29.00 to $34.00 in a research note on Wednesday, July 26th. Piper Sandler raised their target price on shares of Southside Bancshares from $31.00 to $33.00 in a research note on Wednesday, July 26th. TheStreet raised shares of Southside Bancshares from a “c+” rating to a “b-” rating in a research note on Monday, August 14th. Finally, StockNews.com assumed coverage on shares of Southside Bancshares in a research note on Thursday, October 5th. They issued a “sell” rating for the company.

Insiders Place Their Bets

In other Southside Bancshares news, Director John F. Sammons, Jr. acquired 3,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was acquired at an average cost of $27.10 per share, with a total value of $81,300.00. Following the purchase, the director now directly owns 30,576 shares of the company’s stock, valued at approximately $828,609.60. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Jared C. Green sold 1,665 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $29.81, for a total value of $49,633.65. Following the completion of the sale, the insider now owns 4,173 shares in the company, valued at approximately $124,397.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John F. Sammons, Jr. bought 3,000 shares of the stock in a transaction dated Tuesday, October 31st. The stock was purchased at an average price of $27.10 per share, with a total value of $81,300.00. Following the acquisition, the director now directly owns 30,576 shares in the company, valued at approximately $828,609.60. The disclosure for this purchase can be found here. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Southside Bancshares

Several institutional investors have recently made changes to their positions in SBSI. Millennium Management LLC lifted its holdings in shares of Southside Bancshares by 545.9% in the 2nd quarter. Millennium Management LLC now owns 301,531 shares of the bank’s stock worth $11,283,000 after acquiring an additional 254,850 shares during the last quarter. Citadel Advisors LLC lifted its holdings in Southside Bancshares by 776.7% during the 3rd quarter. Citadel Advisors LLC now owns 139,572 shares of the bank’s stock valued at $4,936,000 after buying an additional 123,651 shares in the last quarter. BlackRock Inc. lifted its holdings in Southside Bancshares by 1.9% during the 1st quarter. BlackRock Inc. now owns 4,758,431 shares of the bank’s stock valued at $194,286,000 after buying an additional 88,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Southside Bancshares during the 1st quarter valued at about $2,699,000. Finally, JPMorgan Chase & Co. lifted its holdings in Southside Bancshares by 50.7% during the 1st quarter. JPMorgan Chase & Co. now owns 196,605 shares of the bank’s stock valued at $6,527,000 after buying an additional 66,117 shares in the last quarter. Institutional investors own 57.48% of the company’s stock.

Southside Bancshares Company 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.