Southside Bancshares (NYSE:SBSI) Sets New 1-Year High – Here’s Why

Southside Bancshares, Inc. (NYSE:SBSI)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $34.70 and last traded at $34.2560, with a volume of 6569 shares traded. The stock had previously closed at $34.43.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SBSI shares. Weiss Ratings upgraded Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Piper Sandler initiated coverage on Southside Bancshares in a report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price objective for the company. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.00.

Southside Bancshares Stock Performance

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 stock has a 50 day simple moving average of $32.92 and a two-hundred day simple moving average of $32.03. The stock has a market capitalization of $984.23 million, a P/E ratio of 14.02 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $70.29 million during the quarter, compared to the consensus estimate of $70.92 million. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%. On average, equities analysts forecast that Southside Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s dividend payout ratio (DPR) is currently 61.02%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Southside Bancshares by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock worth $494,000 after acquiring an additional 701 shares during the period. Empowered Funds LLC boosted its stake in shares of Southside Bancshares by 5.4% during the 1st quarter. Empowered Funds LLC now owns 82,211 shares of the company’s stock worth $2,381,000 after acquiring an additional 4,198 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Southside Bancshares by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the company’s stock worth $2,038,000 after acquiring an additional 6,459 shares during the period. Jane Street Group LLC bought a new position in shares of Southside Bancshares during the 1st quarter worth approximately $1,520,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Southside Bancshares by 30.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the company’s stock worth $4,207,000 after acquiring an additional 33,443 shares during the period. 55.70% of the stock is currently owned by institutional investors.

Southside Bancshares Company 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.