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Southside Bancshares (NASDAQ:SBSI) Director Paul Powell bought 2,200 shares of the stock in a transaction dated Wednesday, June 4th. The shares were purchased at an average price of $22.70 per share, with a total value of $49,940.00. Following the transaction, the director now directly owns 61,958 shares in the company, valued at approximately $1,406,447. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Shares of Southside Bancshares (NASDAQ:SBSI) traded up 0.54% during mid-day trading on Wednesday, hitting $25.86. 101,188 shares of the company’s stock traded hands. Southside Bancshares has a 1-year low of $22.50 and a 1-year high of $32.95. The stock has a 50-day moving average of $27.23 and a 200-day moving average of $28.08. The company has a market cap of $486.8 million and a P/E ratio of 11.97. Southside Bancshares also was the target of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 2,583,617 shares, a growth of 64.7% from the April 30th total of 1,569,081 shares. Based on an average daily volume of 194,972 shares, the short-interest ratio is currently 13.3 days. Approximately 15.1% of the company’s shares are sold short.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, June 5th. Investors of record on Thursday, May 22nd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, May 20th. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.20.

Separately, analysts at Zacks downgraded shares of Southside Bancshares from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 15th. They now have a $35.00 price target on the stock.

Southside Bancshares, Inc (NASDAQ:SBSI) bank holding company for Southside Bank.

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