Stephens Cuts Southside Bancshares (NASDAQ:SBSI) Price Target to $37.00

Southside Bancshares (NASDAQ:SBSI - Free Report) had its price objective trimmed by Stephens from $38.00 to $37.00 in a report released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the bank's stock.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Southside Bancshares from a "hold" rating to a "sell" rating in a research report on Tuesday, November 5th. Raymond James started coverage on Southside Bancshares in a report on Tuesday, January 14th. They issued a "market perform" rating for the company.

Southside Bancshares Trading Down 1.7 %

SBSI traded down $0.54 on Thursday, reaching $30.89. 73,873 shares of the company's stock were exchanged, compared to its average volume of 117,019. Southside Bancshares has a twelve month low of $25.30 and a twelve month high of $38.00. The company's 50 day moving average is $32.85 and its 200-day moving average is $33.19. The company has a market cap of $936.18 million, a price-to-earnings ratio of 10.64 and a beta of 0.57. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76.

Southside Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Thursday, November 21st were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Thursday, November 21st. Southside Bancshares's dividend payout ratio is currently 49.48%.

Insiders Place Their Bets

In related news, insider Suni M. Davis sold 2,220 shares of the company's stock in a transaction 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 completion of the transaction, the insider now directly owns 9,202 shares in the company, valued at $331,272. This represents a 19.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lee R. Gibson sold 3,300 shares of the firm's stock in a transaction 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 in the company, valued at $2,104,173.28. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Southside Bancshares

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in Southside Bancshares by 61.1% during the 4th quarter. GAMMA Investing LLC now owns 1,337 shares of the bank's stock worth $42,000 after purchasing an additional 507 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Southside Bancshares in the 3rd quarter worth approximately $83,000. Quantbot Technologies LP raised its holdings in Southside Bancshares by 190.1% in the 3rd quarter. Quantbot Technologies LP now owns 2,884 shares of the bank's stock worth $96,000 after acquiring an additional 1,890 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Southside Bancshares by 172.6% during the 3rd 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 last quarter. Finally, FMR LLC lifted its holdings in shares of 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 buying an additional 2,382 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company's stock.

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.