Southside Bancshares (NASDAQ:SBSI) Coverage Initiated at Raymond James

Raymond James initiated coverage on shares of Southside Bancshares (NASDAQ:SBSI - Free Report) in a research report report published on Tuesday morning, Marketbeat.com reports. The brokerage issued a market perform rating on the bank's stock.

Separately, StockNews.com cut shares of Southside Bancshares from a "hold" rating to a "sell" rating in a research report on Tuesday, November 5th.

Southside Bancshares Price Performance

Southside Bancshares stock traded up $1.16 during midday trading on Tuesday, reaching $31.37. The company had a trading volume of 102,148 shares, compared to its average volume of 114,706. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70. Southside Bancshares has a 12-month low of $25.30 and a 12-month high of $38.00. The company has a market capitalization of $950.76 million, a P/E ratio of 11.32 and a beta of 0.58. The firm's fifty day simple moving average is $33.90 and its 200-day simple moving average is $32.81.

Southside Bancshares (NASDAQ:SBSI - Get Free Report) last released its earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. The firm had revenue of $113.87 million during the quarter, compared to analysts' expectations of $68.25 million. During the same quarter last year, the business earned $0.60 EPS. As a group, equities analysts anticipate that Southside Bancshares will post 2.98 EPS for the current year.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date was Thursday, November 21st. Southside Bancshares's dividend payout ratio (DPR) is currently 51.99%.

Insider Buying and Selling at Southside Bancshares

In other Southside Bancshares news, insider Suni M. Davis sold 2,220 shares of Southside Bancshares stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total transaction of $79,920.00. Following the completion of the sale, the insider now directly owns 9,202 shares in the company, valued at $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lee R. Gibson sold 3,300 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the transaction, the chief executive officer now owns 57,272 shares in the company, valued at approximately $2,104,173.28. This represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

Institutional Trading of Southside Bancshares

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in shares of Southside Bancshares by 61.1% in the fourth quarter. GAMMA Investing LLC now owns 1,337 shares of the bank's stock valued at $42,000 after buying an additional 507 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Southside Bancshares during the 3rd quarter valued at about $83,000. Quantbot Technologies LP grew its position in Southside Bancshares by 190.1% in the 3rd quarter. Quantbot Technologies LP now owns 2,884 shares of the bank's stock valued at $96,000 after acquiring an additional 1,890 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Southside Bancshares by 172.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,176 shares of the bank's stock worth $106,000 after purchasing an additional 2,011 shares during the period. Finally, FMR LLC increased its stake in Southside Bancshares by 226.9% during the third quarter. FMR LLC now owns 3,432 shares of the bank's stock worth $115,000 after purchasing an additional 2,382 shares during the period. Institutional investors and hedge funds own 55.70% of the company's stock.

Southside Bancshares Company Profile

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.