Ieq Capital LLC Takes Position in Southside Bancshares, Inc. $SBSI

Ieq Capital LLC bought a new stake in shares of Southside Bancshares, Inc. (NYSE:SBSI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 20,043 shares of the company’s stock, valued at approximately $705,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Southside Bancshares in the second quarter valued at $150,305,000. Vanguard Group Inc. boosted its position in shares of Southside Bancshares by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock worth $61,751,000 after purchasing an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Southside Bancshares by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock valued at $43,051,000 after buying an additional 7,496 shares during the period. State Street Corp grew its stake in shares of Southside Bancshares by 0.6% in the 4th quarter. State Street Corp now owns 1,308,609 shares of the company’s stock valued at $39,769,000 after buying an additional 7,706 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Southside Bancshares by 10.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company’s stock valued at $12,335,000 after buying an additional 37,253 shares in the last quarter. 55.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Benchmark began coverage on Southside Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods reduced their price objective on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research note on Monday, August 3rd. Piper Sandler lowered their target price on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. Stephens set a $37.00 target price on Southside Bancshares in a report on Monday, July 27th. Finally, Weiss Ratings downgraded shares of Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $34.75.

Southside Bancshares Price Performance

Shares of NYSE SBSI opened at $31.87 on Friday. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The stock has a market cap of $950.16 million, a price-to-earnings ratio of 12.55 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The firm’s 50-day simple moving average is $33.56 and its 200 day simple moving average is $32.73.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $71.34 million during the quarter, compared to the consensus estimate of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. As a group, research analysts anticipate that Southside Bancshares, Inc. will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. Southside Bancshares’s payout ratio is presently 58.27%.

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.