Thrivent Financial for Lutherans Increases Stake in Southside Bancshares, Inc. (NASDAQ:SBSI)

Thrivent Financial for Lutherans raised its holdings in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 73.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,801 shares of the bank's stock after buying an additional 25,350 shares during the period. Thrivent Financial for Lutherans owned about 0.20% of Southside Bancshares worth $1,999,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SBSI. Nisa Investment Advisors LLC increased its holdings in Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank's stock worth $30,000 after acquiring an additional 387 shares in the last quarter. Inspire Investing LLC increased its stake in shares of Southside Bancshares by 4.4% in the second quarter. Inspire Investing LLC now owns 12,815 shares of the bank's stock worth $354,000 after purchasing an additional 538 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Southside Bancshares by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 11,371 shares of the bank's stock worth $314,000 after purchasing an additional 570 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Southside Bancshares by 4.0% during the 2nd quarter. Victory Capital Management Inc. now owns 19,310 shares of the bank's stock valued at $533,000 after purchasing an additional 751 shares during the period. Finally, King Luther Capital Management Corp lifted its stake in shares of Southside Bancshares by 9.9% during the 2nd quarter. King Luther Capital Management Corp now owns 10,927 shares of the bank's stock valued at $302,000 after buying an additional 980 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Southside Bancshares from a "hold" rating to a "sell" rating in a research note on Tuesday, November 5th.

Southside Bancshares Price Performance

Shares of SBSI traded down $0.09 during midday trading on Friday, hitting $35.12. 75,362 shares of the company traded hands, compared to its average volume of 116,100. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 12.71 and a beta of 0.55. The firm has a 50 day moving average of $33.96 and a 200-day moving average of $31.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70. Southside Bancshares, Inc. has a 52 week low of $25.30 and a 52 week high of $38.00.

Southside Bancshares (NASDAQ:SBSI - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $0.68 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $68.25 million. During the same period in the previous year, the company posted $0.60 earnings per share. On average, analysts forecast that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.10%. The ex-dividend date is Thursday, November 21st. Southside Bancshares's dividend payout ratio is presently 51.99%.

Insider Activity at Southside Bancshares

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

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.