King Luther Capital Management Corp cut its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 11.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 96,085 shares of the bank’s stock after selling 12,500 shares during the quarter. King Luther Capital Management Corp owned 0.27% of Southside Bancshares worth $3,344,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SBSI. Commerce Bank acquired a new stake in Southside Bancshares in the third quarter worth $204,000. SG Americas Securities LLC acquired a new stake in Southside Bancshares in the second quarter worth $227,000. BlueMountain Capital Management LLC increased its position in Southside Bancshares by 213.9% in the second quarter. BlueMountain Capital Management LLC now owns 7,117 shares of the bank’s stock worth $240,000 after buying an additional 4,850 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Southside Bancshares in the third quarter worth $274,000. Finally, US Bancorp DE increased its position in Southside Bancshares by 27.4% in the second quarter. US Bancorp DE now owns 8,081 shares of the bank’s stock worth $272,000 after buying an additional 1,736 shares during the period. Hedge funds and other institutional investors own 51.36% of the company’s stock.
Several equities research analysts have weighed in on the company. Zacks Investment Research raised Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. BidaskClub raised Southside Bancshares from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th.
Shares of SBSI opened at $32.10 on Friday. The firm has a market cap of $1.11 billion, a PE ratio of 15.67 and a beta of 0.84. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.21. Southside Bancshares, Inc. has a one year low of $29.28 and a one year high of $37.32.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 26th. The bank reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The business had revenue of $54.82 million for the quarter, compared to analyst estimates of $56.10 million. Southside Bancshares had a net margin of 25.71% and a return on equity of 9.25%. Sell-side analysts anticipate that Southside Bancshares, Inc. will post 2.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 6th. Stockholders of record on Thursday, November 22nd were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, November 20th. Southside Bancshares’s dividend payout ratio (DPR) is 63.49%.
In other news, COO Brian K. Mccabe sold 1,670 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $36.81, for a total transaction of $61,472.70. Following the transaction, the chief operating officer now directly owns 17,706 shares of the company’s stock, valued at $651,757.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tony K. Morgan purchased 2,000 shares of the stock in a transaction dated Tuesday, October 30th. The shares were acquired at an average cost of $31.15 per share, for a total transaction of $62,300.00. The disclosure for this purchase can be found here. Insiders have bought 2,134 shares of company stock worth $66,617 over the last three months. Corporate insiders own 17.20% of the company’s stock.
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Southside Bancshares 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.
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