Southside Bancshares (NASDAQ:SBSI) Cut to “Strong Sell” at BidaskClub

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BidaskClub cut shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a strong sell rating in a report issued on Saturday, BidAskClub reports.

Separately, Zacks Investment Research upgraded Southside Bancshares from a sell rating to a hold rating in a research note on Thursday, April 4th.

Southside Bancshares stock opened at $31.51 on Friday. Southside Bancshares has a 1-year low of $29.28 and a 1-year high of $37.32. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $1.06 billion, a PE ratio of 14.93 and a beta of 0.82. The company has a fifty day simple moving average of $33.67.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings results on Friday, April 26th. The bank reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.05. Southside Bancshares had a return on equity of 10.37% and a net margin of 28.23%. The company had revenue of $53.05 million for the quarter, compared to analysts’ expectations of $54.48 million. During the same period last year, the firm earned $0.46 earnings per share. Southside Bancshares’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, analysts anticipate that Southside Bancshares will post 2.26 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were given a dividend of $0.31 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.94%. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.30. Southside Bancshares’s payout ratio is 58.77%.

In other news, Director Tony K. Morgan bought 1,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average price of $33.01 per share, for a total transaction of $33,010.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 1,127 shares of company stock worth $37,429 in the last quarter. Insiders own 5.80% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of SBSI. BlackRock Inc. increased its position in shares of Southside Bancshares by 2.7% during the fourth quarter. BlackRock Inc. now owns 4,878,860 shares of the bank’s stock worth $154,903,000 after purchasing an additional 130,535 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Southside Bancshares by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,631,651 shares of the bank’s stock worth $51,805,000 after purchasing an additional 67,337 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Southside Bancshares by 18.6% during the fourth quarter. Geode Capital Management LLC now owns 389,538 shares of the bank’s stock worth $12,367,000 after purchasing an additional 60,995 shares in the last quarter. Bank of America Corp DE increased its position in shares of Southside Bancshares by 276.2% during the fourth quarter. Bank of America Corp DE now owns 59,232 shares of the bank’s stock worth $1,881,000 after purchasing an additional 43,489 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Southside Bancshares by 24.6% during the third quarter. Morgan Stanley now owns 141,930 shares of the bank’s stock worth $4,940,000 after purchasing an additional 28,038 shares in the last quarter. Institutional investors and hedge funds own 53.35% of the company’s stock.

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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