Southside Bancshares (NYSE:SBSI) Raised to Hold at Piper Sandler

Southside Bancshares (NYSE:SBSI) was upgraded by equities research analysts at Piper Sandler to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods upped their target price on shares of Southside Bancshares from $31.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Southside Bancshares in a research report on Friday, March 27th. Hovde Group upped their target price on shares of Southside Bancshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Monday, February 2nd. Finally, Wall Street Zen upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.00.

Southside Bancshares Stock Down 1.0%

Shares of SBSI opened at $32.72 on Wednesday. The company has a market capitalization of $973.21 million, a P/E ratio of 14.29 and a beta of 0.59. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. Southside Bancshares has a one year low of $26.32 and a one year high of $34.37. The business’s 50 day simple moving average is $31.71 and its 200-day simple moving average is $30.62.

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

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently modified their holdings of the business. Redwood Family Wealth LLC acquired a new position in shares of Southside Bancshares during the 4th quarter worth about $383,000. State of Tennessee Department of Treasury boosted its stake in shares of Southside Bancshares by 53.6% during the 4th quarter. State of Tennessee Department of Treasury now owns 11,319 shares of the company’s stock worth $364,000 after buying an additional 3,950 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Southside Bancshares by 36.5% during the 4th quarter. Mackenzie Financial Corp now owns 64,678 shares of the company’s stock worth $1,994,000 after buying an additional 17,288 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Southside Bancshares by 25.5% during the 4th quarter. Empowered Funds LLC now owns 30,867 shares of the company’s stock worth $938,000 after buying an additional 6,264 shares during the last quarter. Finally, Odyssean LLC acquired a new position in shares of Southside Bancshares during the 4th quarter worth about $411,000. 55.70% of the stock is currently owned by institutional investors and hedge funds.

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.