Southside Bancshares, Inc. Plans Quarterly Dividend of $0.28 (SBSI)
Southside Bancshares, Inc. (NASDAQ:SBSI) declared a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Stockholders of record on Thursday, November 16th will be paid a dividend of 0.28 per share by the bank on Thursday, November 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Wednesday, November 15th.
Southside Bancshares has raised its dividend payment by an average of 5.8% per year over the last three years and has raised its dividend every year for the last 19 years. Southside Bancshares has a dividend payout ratio of 53.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Southside Bancshares to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 48.3%.
Shares of Southside Bancshares (SBSI) traded down $0.06 during midday trading on Friday, hitting $35.50. The stock had a trading volume of 73,769 shares, compared to its average volume of 72,376. The company has a market cap of $1,060.49, a P/E ratio of 18.90 and a beta of 0.75.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 27th. The bank reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). The business had revenue of $44.37 million for the quarter, compared to analyst estimates of $51.00 million. Southside Bancshares had a net margin of 25.70% and a return on equity of 10.32%. sell-side analysts forecast that Southside Bancshares will post 2.1 earnings per share for the current fiscal year.
In related news, COO Brian K. Mccabe sold 1,500 shares of Southside Bancshares stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $33.00, for a total transaction of $49,500.00. Following the transaction, the chief operating officer now directly owns 16,658 shares of the company’s stock, valued at $549,714. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Tim Carter sold 7,000 shares of Southside Bancshares stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $33.95, for a total value of $237,650.00. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.
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A number of brokerages have recently commented on SBSI. BidaskClub lowered Southside Bancshares from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Piper Jaffray Companies assumed coverage on Southside Bancshares in a report on Friday, September 22nd. They set a “neutral” rating and a $37.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $37.00 target price on shares of Southside Bancshares in a report on Tuesday, October 3rd. Finally, Zacks Investment Research raised Southside Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 26th.
Southside Bancshares Company Profile
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.
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