Southside Bancshares (NASDAQ:SBSI) Sets New 52-Week High - Here's What Happened

Southside Bancshares, Inc. (NASDAQ:SBSI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $38.00 and last traded at $35.96, with a volume of 8534 shares changing hands. The stock had previously closed at $35.68.

Wall Street Analyst Weigh In

A number of research analysts have commented on SBSI shares. StockNews.com lowered Southside Bancshares from a "hold" rating to a "sell" rating in a research report on Tuesday, November 5th. Hovde Group raised their price target on Southside Bancshares from $31.00 to $37.00 and gave the stock a "market perform" rating in a research note on Monday, July 29th.

Southside Bancshares Trading Down 0.9 %

The company has a market capitalization of $1.07 billion, a P/E ratio of 12.88 and a beta of 0.55. The stock's 50 day moving average is $33.55 and its 200-day moving average is $30.77. 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 (NASDAQ:SBSI - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.05). The firm had revenue of $113.87 million during the quarter, compared to the consensus estimate of $68.25 million. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. During the same quarter last year, the company posted $0.60 EPS. As a group, equities research analysts anticipate that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Announces Dividend

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 dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.07%. Southside Bancshares's dividend payout ratio (DPR) is currently 51.99%.

Insider Buying and Selling

In other Southside Bancshares news, insider T L. Arnold, Jr. sold 4,667 shares of the business's stock in a transaction on Friday, August 23rd. The stock was 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 trade was a 22.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Suni M. Davis sold 2,220 shares of the firm's stock in a transaction 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 transaction, the insider now owns 9,202 shares of the company's stock, valued at $331,272. The trade was a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,187 shares of company stock valued at $358,487 over the last quarter. Corporate insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SBSI. BNP Paribas Financial Markets raised its stake in shares of Southside Bancshares by 73.6% in the first quarter. BNP Paribas Financial Markets now owns 19,533 shares of the bank's stock worth $571,000 after purchasing an additional 8,280 shares during the last quarter. Texas Permanent School Fund Corp raised its position in Southside Bancshares by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 25,150 shares of the bank's stock worth $735,000 after buying an additional 369 shares during the last quarter. ProShare Advisors LLC lifted its stake in Southside Bancshares by 0.9% during the 1st quarter. ProShare Advisors LLC now owns 266,202 shares of the bank's stock valued at $7,781,000 after acquiring an additional 2,456 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Southside Bancshares by 185.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank's stock valued at $702,000 after acquiring an additional 15,625 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Southside Bancshares by 11.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 26,241 shares of the bank's stock worth $763,000 after acquiring an additional 2,628 shares during the period. Institutional investors 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.

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