Southside Bancshares (NASDAQ:SBSI) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a report published on Saturday, Zacks.com reports.

According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “

SBSI has been the topic of a number of other research reports. BidaskClub raised Southside Bancshares from a sell rating to a hold rating in a research note on Thursday, September 12th. ValuEngine upgraded Southside Bancshares from a sell rating to a hold rating in a research report on Thursday, October 31st.

SBSI stock traded up $0.02 during trading on Friday, hitting $35.14. 44,000 shares of the company traded hands, compared to its average volume of 106,483. The stock’s 50-day simple moving average is $34.47 and its 200 day simple moving average is $33.67. The company has a market cap of $1.19 billion, a PE ratio of 16.65 and a beta of 0.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.66 and a quick ratio of 0.66. Southside Bancshares has a 1 year low of $29.71 and a 1 year high of $35.97.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Friday, October 25th. The bank reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.01). The company had revenue of $55.29 million for the quarter, compared to analyst estimates of $56.95 million. Southside Bancshares had a return on equity of 9.79% and a net margin of 26.61%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm posted $0.58 EPS. Research analysts expect that Southside Bancshares will post 2.26 earnings per share for the current year.

In other Southside Bancshares news, Director John F. Sammons, Jr. bought 1,500 shares of Southside Bancshares stock in a transaction on Thursday, August 22nd. The shares were bought at an average price of $33.18 per share, for a total transaction of $49,770.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Julie Shamburger sold 1,635 shares of Southside Bancshares stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $34.84, for a total value of $56,963.40. Following the completion of the sale, the chief financial officer now owns 17,237 shares in the company, valued at approximately $600,537.08. The disclosure for this sale can be found here. 5.80% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of SBSI. Arizona State Retirement System raised its position in Southside Bancshares by 0.6% in the second quarter. Arizona State Retirement System now owns 49,166 shares of the bank’s stock valued at $1,592,000 after purchasing an additional 313 shares during the period. Virginia Retirement Systems ET AL raised its position in Southside Bancshares by 3.7% in the second quarter. Virginia Retirement Systems ET AL now owns 11,200 shares of the bank’s stock valued at $363,000 after purchasing an additional 400 shares during the period. Creative Planning raised its position in Southside Bancshares by 27.2% in the second quarter. Creative Planning now owns 80,505 shares of the bank’s stock valued at $2,607,000 after purchasing an additional 17,200 shares during the period. Fisher Asset Management LLC raised its position in Southside Bancshares by 15.6% in the second quarter. Fisher Asset Management LLC now owns 41,970 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 5,674 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Southside Bancshares by 51.9% in the 2nd quarter. First Trust Advisors LP now owns 63,084 shares of the bank’s stock valued at $2,043,000 after buying an additional 21,567 shares during the period. Institutional investors own 52.82% 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.

Further Reading: How to trade on quiet period expirations

Get a free copy of the Zacks research report on Southside Bancshares (SBSI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Southside Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southside Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.