ProShare Advisors LLC Cuts Stake in Southside Bancshares, Inc. (NASDAQ:SBSI)

ProShare Advisors LLC cut its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 15.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 225,105 shares of the bank's stock after selling 41,097 shares during the period. ProShare Advisors LLC owned about 0.74% of Southside Bancshares worth $6,215,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SBSI. Renaissance Technologies LLC raised its stake in shares of Southside Bancshares by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 603,285 shares of the bank's stock worth $16,657,000 after purchasing an additional 38,500 shares during the period. Quest Partners LLC grew its position in shares of Southside Bancshares by 835.1% during the 2nd quarter. Quest Partners LLC now owns 23,826 shares of the bank's stock valued at $658,000 after acquiring an additional 21,278 shares during the period. State Board of Administration of Florida Retirement System boosted its position in Southside Bancshares by 185.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank's stock worth $702,000 after purchasing an additional 15,625 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Southside Bancshares by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 363,825 shares of the bank's stock valued at $11,395,000 after purchasing an additional 15,470 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Southside Bancshares by 38.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 34,451 shares of the bank's stock worth $951,000 after buying an additional 9,521 shares during the period. 55.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Southside Bancshares

In related news, CFO Julie Shamburger sold 5,360 shares of the firm's stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $35.03, for a total value of $187,760.80. Following the completion of the sale, the chief financial officer now owns 24,327 shares of the company's stock, valued at $852,174.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider T L. Arnold, Jr. sold 4,667 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.71, for a total value of $157,324.57. Following the sale, the insider now directly owns 16,441 shares of the company's stock, valued at approximately $554,226.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Julie Shamburger sold 5,360 shares of Southside Bancshares stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $35.03, for a total transaction of $187,760.80. Following the transaction, the chief financial officer now directly owns 24,327 shares of the company's stock, valued at $852,174.81. The disclosure for this sale can be found here. Insiders have sold a total of 14,890 shares of company stock worth $500,319 in the last 90 days. Company insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

SBSI has been the topic of several recent research reports. StockNews.com upgraded Southside Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, July 2nd. Hovde Group upped their target price on shares of Southside Bancshares from $31.00 to $37.00 and gave the stock a "market perform" rating in a research report on Monday, July 29th.

Southside Bancshares Price Performance

NASDAQ:SBSI traded down $0.11 during mid-day trading on Thursday, reaching $32.86. The stock had a trading volume of 74,634 shares, compared to its average volume of 119,727. Southside Bancshares, Inc. has a one year low of $25.30 and a one year high of $36.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a 50 day moving average price of $33.02 and a two-hundred day moving average price of $29.39. The stock has a market capitalization of $995.17 million, a P/E ratio of 12.22 and a beta of 0.54.

Southside Bancshares (NASDAQ:SBSI - Get Free Report) last issued its earnings results on Thursday, July 25th. The bank reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.17. The firm had revenue of $115.74 million for the quarter, compared to analysts' expectations of $64.91 million. Southside Bancshares had a net margin of 18.90% and a return on equity of 10.64%. During the same quarter last year, the business earned $0.82 earnings per share. As a group, analysts expect that Southside Bancshares, Inc. will post 2.96 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.36 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.44 annualized dividend and a dividend yield of 4.38%. Southside Bancshares's payout ratio is presently 53.53%.

About Southside Bancshares

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.