Southside Bancshares (NASDAQ:SBSI) Stock Price Expected to Rise, Hovde Group Analyst Says

Southside Bancshares (NASDAQ:SBSI) had its target price upped by Hovde Group from $32.00 to $34.00 in a research note issued on Monday, MarketBeat reports. The brokerage presently has a “market perform” rating on the bank’s stock. Hovde Group’s price target suggests a potential upside of 1.69% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods lowered their price target on Southside Bancshares from $32.00 to $31.00 and set a “market perform” rating for the company in a report on Monday, October 27th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Stock Up 1.0%

SBSI stock opened at $33.43 on Monday. Southside Bancshares has a one year low of $25.85 and a one year high of $33.96. The firm has a market cap of $1.01 billion, a PE ratio of 11.49 and a beta of 0.64. The firm’s 50 day moving average price is $31.49 and its 200-day moving average price is $30.06. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76.

Insider Transactions at Southside Bancshares

In other news, Director Herbert C. Buie bought 1,807 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were purchased at an average price of $30.68 per share, with a total value of $55,438.76. Following the purchase, the director owned 389,288 shares in the company, valued at approximately $11,943,355.84. The trade was a 0.47% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Trading of Southside Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Southside Bancshares by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the bank’s stock valued at $494,000 after purchasing an additional 701 shares during the period. Empowered Funds LLC lifted its holdings in Southside Bancshares by 5.4% during the 1st quarter. Empowered Funds LLC now owns 82,211 shares of the bank’s stock worth $2,381,000 after buying an additional 4,198 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Southside Bancshares by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the bank’s stock valued at $2,038,000 after buying an additional 6,459 shares during the period. Jane Street Group LLC purchased a new stake in shares of Southside Bancshares during the first quarter worth $1,520,000. Finally, State of Alaska Department of Revenue increased its position in shares of Southside Bancshares by 7.2% during the second quarter. State of Alaska Department of Revenue now owns 16,923 shares of the bank’s stock worth $497,000 after acquiring an additional 1,137 shares during the period. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

About Southside Bancshares

Southside Bancshares, Inc is a bank holding company headquartered in Tyler, Texas, and operates through its principal subsidiary, Southside Bank. The company provides a full suite of commercial and retail banking services, including deposit accounts, commercial and consumer loans, mortgage lending, and digital banking solutions designed to meet the needs of individuals, small businesses, and mid-market companies.

Southside Bank’s commercial banking division offers lending and treasury management services to support business growth and operational efficiency.