Southside Bancshares (NYSE:SBSI) Stock Price Down 1.7% – What’s Next?

Shares of Southside Bancshares, Inc. (NYSE:SBSI) dropped 1.7% on Friday . The company traded as low as $30.39 and last traded at $30.45. Approximately 84,963 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 132,032 shares. The stock had previously closed at $30.98.

Analyst Ratings Changes

Several research firms have recently issued reports on SBSI. Hovde Group boosted their target price on Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods raised their price target on Southside Bancshares from $31.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Southside Bancshares in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, Southside Bancshares currently has an average rating of “Hold” and an average price target of $35.00.

Southside Bancshares Stock Performance

The company has a 50-day simple moving average of $31.86 and a two-hundred day simple moving average of $30.42. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $905.58 million, a P/E ratio of 13.30 and a beta of 0.63.

Southside Bancshares (NYSE:SBSI) last announced its earnings results on Wednesday, January 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.10). The firm had revenue of $71.99 million during the quarter. Southside Bancshares had a return on equity of 10.72% and a net margin of 15.61%.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Thursday, February 19th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Thursday, February 19th. Southside Bancshares’s dividend payout ratio is presently 62.88%.

Hedge Funds Weigh In On Southside Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redwood Family Wealth LLC bought a new stake in shares of Southside Bancshares during the 4th quarter valued at $383,000. State of Tennessee Department of Treasury increased its stake in shares of Southside Bancshares by 53.6% in the 4th quarter. State of Tennessee Department of Treasury now owns 11,319 shares of the company’s stock worth $364,000 after acquiring an additional 3,950 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Southside Bancshares by 36.5% in the 4th quarter. Mackenzie Financial Corp now owns 64,678 shares of the company’s stock worth $1,994,000 after acquiring an additional 17,288 shares in the last quarter. Empowered Funds LLC lifted its position in Southside Bancshares by 25.5% during the 4th quarter. Empowered Funds LLC now owns 30,867 shares of the company’s stock valued at $938,000 after acquiring an additional 6,264 shares during the period. Finally, Odyssean LLC purchased a new position in Southside Bancshares during the 4th quarter valued at about $411,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Southside Bancshares Company Profile

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.