Southside Bancshares (NASDAQ:SBSI) Sets New 52-Week High Following Analyst Upgrade

Southside Bancshares, Inc. (NASDAQ:SBSI) reached a new 52-week high during trading on Monday after Hovde Group raised their price target on the stock from $31.00 to $37.00. Hovde Group currently has a market perform rating on the stock. Southside Bancshares traded as high as $34.99 and last traded at $34.99, with a volume of 572 shares traded. The stock had previously closed at $34.02.

Separately, StockNews.com upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd.

Institutional Trading of Southside Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Southside Bancshares by 54.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after purchasing an additional 387 shares during the last quarter. CWM LLC lifted its position in shares of Southside Bancshares by 447.5% during the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock worth $86,000 after purchasing an additional 2,533 shares during the last quarter. EntryPoint Capital LLC raised its holdings in shares of Southside Bancshares by 57.0% in the first quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock valued at $96,000 after acquiring an additional 1,195 shares in the last quarter. Commerce Bank purchased a new stake in Southside Bancshares in the fourth quarter worth about $202,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Southside Bancshares in the first quarter worth about $233,000. 55.70% of the stock is currently owned by institutional investors.

Southside Bancshares Trading Up 2.9 %

The stock’s 50 day moving average is $27.66 and its two-hundred day moving average is $28.43. The company has a market capitalization of $1.06 billion, a PE ratio of 13.01 and a beta of 0.55. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.14.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Thursday, July 25th. The bank reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.17. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. The company had revenue of $115.74 million during the quarter, compared to analyst estimates of $64.91 million. During the same period in the prior year, the firm earned $0.82 earnings per share. As a group, sell-side analysts predict that Southside Bancshares, Inc. will post 2.7 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 23rd were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Wednesday, May 22nd. Southside Bancshares’s dividend payout ratio (DPR) is presently 53.53%.

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 deposits.