Raymond James Financial Inc. Invests $337,000 in Southside Bancshares, Inc. (NASDAQ:SBSI)

Raymond James Financial Inc. acquired a new position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,605 shares of the bank's stock, valued at approximately $337,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SBSI. JPMorgan Chase & Co. grew its stake in shares of Southside Bancshares by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank's stock valued at $12,876,000 after purchasing an additional 170,287 shares during the last quarter. Barclays PLC raised its position in shares of Southside Bancshares by 137.6% during the third quarter. Barclays PLC now owns 59,263 shares of the bank's stock worth $1,981,000 after acquiring an additional 34,316 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Southside Bancshares by 119.5% during the third quarter. Jane Street Group LLC now owns 53,571 shares of the bank's stock valued at $1,791,000 after acquiring an additional 29,163 shares during the period. Wedge Capital Management L L P NC bought a new position in Southside Bancshares in the fourth quarter valued at about $673,000. Finally, Sanctuary Advisors LLC acquired a new stake in Southside Bancshares in the third quarter worth about $511,000. Institutional investors and hedge funds own 55.70% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. StockNews.com raised shares of Southside Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday. Stephens cut their target price on shares of Southside Bancshares from $38.00 to $37.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. Finally, Raymond James started coverage on Southside Bancshares in a research note on Tuesday, January 14th. They set a "market perform" rating on the stock.

Remove Ads

Southside Bancshares Stock Up 1.4 %

Shares of SBSI traded up $0.37 during midday trading on Tuesday, hitting $27.28. The stock had a trading volume of 10,914 shares, compared to its average volume of 114,842. Southside Bancshares, Inc. has a twelve month low of $25.30 and a twelve month high of $38.00. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76. The company has a 50 day simple moving average of $29.46 and a two-hundred day simple moving average of $31.94. The firm has a market cap of $828.89 million, a price-to-earnings ratio of 9.36 and a beta of 0.58.

Southside Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 20th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.28%. The ex-dividend date was Thursday, February 20th. Southside Bancshares's dividend payout ratio (DPR) is currently 49.48%.

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.