Bank of New York Mellon Corp reduced its stake in Southside Bancshares, Inc. (NASDAQ:SBSI) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 447,388 shares of the bank’s stock after selling 27,884 shares during the quarter. Bank of New York Mellon Corp owned 1.35% of Southside Bancshares worth $12,402,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Nisa Investment Advisors LLC purchased a new stake in shares of Southside Bancshares in the second quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Southside Bancshares by 29.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,870 shares of the bank’s stock valued at $87,000 after buying an additional 654 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Southside Bancshares by 61.3% in the first quarter. Acadian Asset Management LLC now owns 6,454 shares of the bank’s stock valued at $196,000 after buying an additional 2,453 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Southside Bancshares by 104.7% in the first quarter. SG Americas Securities LLC now owns 6,645 shares of the bank’s stock valued at $202,000 after buying an additional 3,398 shares in the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Southside Bancshares in the second quarter valued at approximately $204,000. Institutional investors own 50.09% of the company’s stock.
A number of analysts have commented on SBSI shares. BidaskClub downgraded Southside Bancshares from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. SunTrust Banks decreased their target price on Southside Bancshares from $32.00 to $29.00 and set a “hold” rating on the stock in a research report on Tuesday, May 19th. Zacks Investment Research upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Piper Sandler boosted their price target on Southside Bancshares from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.00.
In other Southside Bancshares news, Director Tony K. Morgan bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The stock was purchased at an average cost of $27.20 per share, for a total transaction of $54,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.20% of the company’s stock.
NASDAQ SBSI opened at $25.64 on Wednesday. Southside Bancshares, Inc. has a fifty-two week low of $23.74 and a fifty-two week high of $37.89. The stock has a market cap of $846.97 million, a price-to-earnings ratio of 13.79 and a beta of 0.53. The business has a fifty day moving average of $28.05 and a 200-day moving average of $28.33. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.62.
Southside Bancshares (NASDAQ:SBSI) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.28. The firm had revenue of $62.48 million during the quarter, compared to analyst estimates of $56.35 million. Southside Bancshares had a return on equity of 7.86% and a net margin of 21.63%. As a group, analysts anticipate that Southside Bancshares, Inc. will post 1.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were paid a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.24 annualized dividend and a yield of 4.84%. Southside Bancshares’s payout ratio is currently 56.36%.
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 deposit.
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