Connor Clark & Lunn Investment Management Ltd. lifted its stake in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 179.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,341 shares of the bank's stock after acquiring an additional 22,687 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Southside Bancshares worth $1,181,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in Southside Bancshares by 54.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank's stock worth $30,000 after purchasing an additional 387 shares in the last quarter. CWM LLC lifted its position in Southside Bancshares by 447.5% during the second quarter. CWM LLC now owns 3,099 shares of the bank's stock valued at $86,000 after acquiring an additional 2,533 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Southside Bancshares by 48.3% in the second quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank's stock valued at $139,000 after acquiring an additional 1,643 shares in the last quarter. Bill Few Associates Inc. purchased a new position in Southside Bancshares in the third quarter worth $222,000. Finally, Cornercap Investment Counsel Inc. purchased a new position in Southside Bancshares during the 3rd quarter worth $255,000. 55.70% of the stock is currently owned by hedge funds and other institutional investors.
Southside Bancshares Stock Performance
SBSI stock traded down $0.28 during midday trading on Wednesday, reaching $35.20. The stock had a trading volume of 86,084 shares, compared to its average volume of 116,003. The firm has a fifty day simple moving average of $33.94 and a two-hundred day simple moving average of $31.27. Southside Bancshares, Inc. has a 52-week low of $25.30 and a 52-week high of $38.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $1.07 billion, a PE ratio of 12.81 and a beta of 0.55.
Southside Bancshares (NASDAQ:SBSI - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. The firm had revenue of $113.87 million during the quarter, compared to analysts' expectations of $68.25 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. As a group, equities research analysts anticipate that Southside Bancshares, Inc. will post 2.98 EPS for the current year.
Southside Bancshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Thursday, November 21st will be given a $0.36 dividend. The ex-dividend date is Thursday, November 21st. This represents a $1.44 annualized dividend and a yield of 4.09%. Southside Bancshares's dividend payout ratio is presently 51.99%.
Analyst Upgrades and Downgrades
Separately, StockNews.com lowered shares of Southside Bancshares from a "hold" rating to a "sell" rating in a research note on Tuesday, November 5th.
Check Out Our Latest Research Report on Southside Bancshares
Insider Transactions at Southside Bancshares
In other Southside Bancshares news, insider Suni M. Davis sold 2,220 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.00, for a total transaction of $79,920.00. Following the transaction, the insider now owns 9,202 shares in the company, valued at approximately $331,272. This represents a 19.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lee R. Gibson sold 3,300 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total value of $121,242.00. Following the completion of the sale, the chief executive officer now owns 57,272 shares of the company's stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company's stock.
About Southside Bancshares
(
Free Report)
Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.
Featured Stories
Before you consider Southside Bancshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Southside Bancshares wasn't on the list.
While Southside Bancshares currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
