Renaissance Technologies LLC Sells 20,300 Shares of Southside Bancshares, Inc. $SBSI

Renaissance Technologies LLC trimmed its holdings in Southside Bancshares, Inc. (NYSE:SBSI) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 440,146 shares of the company’s stock after selling 20,300 shares during the period. Renaissance Technologies LLC’s holdings in Southside Bancshares were worth $13,684,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Southside Bancshares by 1,083.8% during 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 acquired a new position in Southside Bancshares in the 4th quarter valued at $45,000. CIBC Private Wealth Group LLC bought a new stake in shares of Southside Bancshares during the 3rd quarter valued at $45,000. Quadrant Capital Group LLC lifted its position in shares of Southside Bancshares by 4,703.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company’s stock valued at $83,000 after acquiring an additional 2,681 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of Southside Bancshares by 927.6% during 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. 55.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SBSI. Benchmark assumed coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler reduced their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday. Stephens set a $37.00 target price on shares of Southside Bancshares in a report on Monday. Zacks Research lowered shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.75.

Southside Bancshares Price Performance

Southside Bancshares stock opened at $32.46 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.86 and a current ratio of 0.74. Southside Bancshares, Inc. has a 52 week low of $26.32 and a 52 week high of $36.20. The stock has a market capitalization of $967.57 million, a P/E ratio of 12.78 and a beta of 0.58. The stock has a fifty day moving average of $33.86 and a 200-day moving average of $32.75.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The business had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. On average, sell-side analysts expect that Southside Bancshares, Inc. will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s dividend payout ratio (DPR) is presently 56.69%.

Southside Bancshares Profile

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.