Southside Bancshares, Inc. (NYSE:SBSI) Stock Has Consensus Target Price of $34.75 According to Brokerages

Southside Bancshares, Inc. (NYSE:SBSI) has been given an average rating of “Hold” by the six research firms that are currently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $34.75.

SBSI has been the topic of a number of recent research reports. Weiss Ratings lowered Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Keefe, Bruyette & Woods dropped their price target on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research report on Monday, August 3rd. Piper Sandler dropped their price target on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. Finally, Zacks Research upgraded Southside Bancshares from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 24th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Southside Bancshares in the 2nd quarter worth approximately $150,305,000. Dimensional Fund Advisors LP raised its holdings in 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 acquiring an additional 7,496 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Southside Bancshares in the 2nd quarter valued at $9,213,000. Principal Financial Group Inc. lifted its stake in shares of Southside Bancshares by 0.8% during the 1st quarter. Principal Financial Group Inc. now owns 135,842 shares of the company’s stock worth $4,223,000 after purchasing an additional 1,119 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of Southside Bancshares during the 2nd quarter worth $4,545,000. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Southside Bancshares Stock Performance

Shares of SBSI opened at $30.22 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. The stock has a market cap of $900.86 million, a P/E ratio of 11.90 and a beta of 0.61. The company has a 50-day moving average of $31.75 and a two-hundred day moving average of $32.68. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The company had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. As a group, research analysts predict that Southside Bancshares will post 3.27 EPS for the current fiscal year.

Southside Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a dividend of $0.37 per share. The ex-dividend date was Thursday, August 20th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.36. Southside Bancshares’s dividend payout ratio (DPR) is 58.27%.

About Southside Bancshares

Southside Bancshares, Inc is a Texas-based bank holding company headquartered in Tyler, Texas. Its principal subsidiary, Southside Bank, provides banking and financial services to individuals, businesses and institutions.

Southside Bank offers consumer and commercial deposit accounts, mortgage and other lending products, treasury management, online and mobile banking, and wealth management services. Its lending activities include commercial real estate, commercial and industrial, residential real estate, and consumer loans.

Founded in 1960, Southside Bank serves communities across Texas through its branch network and digital banking channels.