Southside Bancshares (NYSE:SBSI) Hits New 1-Year High – Time to Buy?

Shares of Southside Bancshares, Inc. (NYSE:SBSI) hit a new 52-week high during trading on Wednesday . The company traded as high as $34.81 and last traded at $34.5910, with a volume of 16800 shares traded. The stock had previously closed at $34.49.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SBSI shares. Weiss Ratings raised Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Piper Sandler began coverage on shares of Southside Bancshares in a research report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Southside Bancshares presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Southside Bancshares Trading Up 1.3%

The firm has a market capitalization of $1.04 billion, a P/E ratio of 14.79 and a beta of 0.58. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average price of $33.04 and a 200-day moving average price of $32.17.

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

Southside Bancshares Announces Dividend

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

Hedge Funds Weigh In On Southside Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in Southside Bancshares by 388.2% in the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock valued at $7,103,000 after acquiring an additional 199,930 shares during the period. Empowered Funds LLC lifted its holdings in shares of Southside Bancshares by 224.9% during the first quarter. Empowered Funds LLC now owns 100,298 shares of the company’s stock valued at $3,118,000 after acquiring an additional 69,431 shares during the period. Jane Street Group LLC bought a new position in shares of Southside Bancshares during the first quarter valued at $1,520,000. Mackenzie Financial Corp acquired a new stake in shares of Southside Bancshares in the 3rd quarter valued at $1,339,000. Finally, Invesco Ltd. boosted its stake in shares of Southside Bancshares by 16.9% in the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the company’s stock valued at $8,541,000 after purchasing an additional 42,057 shares in the last quarter. 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.