T L. Arnold, Jr. Sells 4,667 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI) Stock

Southside Bancshares, Inc. (NASDAQ:SBSI) insider T L. Arnold, Jr. sold 4,667 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.71, for a total value of $157,324.57. Following the sale, the insider now owns 16,441 shares in the company, valued at $554,226.11. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Southside Bancshares Price Performance

Shares of Southside Bancshares stock traded up $1.54 during midday trading on Friday, reaching $33.84. The company had a trading volume of 134,600 shares, compared to its average volume of 120,393. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $29.91 and a 200 day simple moving average of $28.67. Southside Bancshares, Inc. has a 1-year low of $25.30 and a 1-year high of $36.10. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 12.01 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last released its earnings results on Thursday, July 25th. The bank reported $0.81 EPS for the quarter, beating the consensus estimate of $0.64 by $0.17. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.90%. The company had revenue of $115.74 million during the quarter, compared to analysts’ expectations of $64.91 million. During the same period last year, the firm earned $0.82 EPS. As a group, equities research analysts forecast that Southside Bancshares, Inc. will post 2.96 earnings per share for the current year.

Southside Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 4.26%. Southside Bancshares’s payout ratio is presently 53.53%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SBSI. State Board of Administration of Florida Retirement System raised its stake in shares of Southside Bancshares by 185.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock worth $702,000 after buying an additional 15,625 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Southside Bancshares by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 363,825 shares of the bank’s stock worth $11,395,000 after acquiring an additional 15,470 shares during the period. Empowered Funds LLC lifted its stake in shares of Southside Bancshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 65,458 shares of the bank’s stock valued at $1,913,000 after purchasing an additional 4,900 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Southside Bancshares by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 17,774 shares of the bank’s stock valued at $557,000 after purchasing an additional 1,834 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Southside Bancshares by 3.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,315 shares of the bank’s stock worth $828,000 after purchasing an additional 1,074 shares during the last quarter. Institutional investors own 55.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SBSI. Hovde Group increased their target price on Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd.

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 deposits.