Southside Bancshares (NYSE:SBSI) Hits New 12-Month High – What’s Next?

Southside Bancshares, Inc. (NYSE:SBSI) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $35.50 and last traded at $35.37, with a volume of 5368 shares trading hands. The stock had previously closed at $34.90.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SBSI. Piper Sandler began coverage on Southside Bancshares in a research report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price target on the stock. Benchmark initiated coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Finally, Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Southside Bancshares presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Southside Bancshares Price Performance

The business’s 50 day moving average is $33.34 and its two-hundred day moving average is $32.36. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market capitalization of $1.04 billion, a PE ratio of 14.82 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last posted its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $70.28 million for the quarter, compared to the consensus estimate of $70.92 million. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%. Equities research analysts anticipate that Southside Bancshares, Inc. will post 3.43 earnings per share for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a yield of 4.1%. Southside Bancshares’s dividend payout ratio is 61.02%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SBSI. EverSource Wealth Advisors LLC lifted its holdings in shares of Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after buying an additional 867 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Southside Bancshares during the fourth quarter valued at approximately $45,000. CIBC Private Wealth Group LLC purchased a new position in Southside Bancshares during the third quarter valued at approximately $45,000. GAMMA Investing LLC increased its holdings in Southside Bancshares by 26.6% during the 4th quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock worth $55,000 after acquiring an additional 380 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Southside Bancshares by 927.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock worth $80,000 after purchasing an additional 2,551 shares in the last quarter. Hedge funds and other institutional investors own 55.70% of the company’s stock.

About Southside Bancshares

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.