State Street Corp lowered its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,257,547 shares of the bank's stock after selling 24,832 shares during the quarter. State Street Corp owned 4.15% of Southside Bancshares worth $42,040,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in Southside Bancshares by 73.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 59,801 shares of the bank's stock worth $1,999,000 after purchasing an additional 25,350 shares during the period. SG Americas Securities LLC purchased a new stake in Southside Bancshares in the 3rd quarter worth $285,000. Intech Investment Management LLC bought a new position in shares of Southside Bancshares during the 3rd quarter valued at about $233,000. Texas Permanent School Fund Corp grew its position in shares of Southside Bancshares by 8.2% during the second quarter. Texas Permanent School Fund Corp now owns 27,224 shares of the bank's stock valued at $752,000 after purchasing an additional 2,074 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Southside Bancshares by 179.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 35,341 shares of the bank's stock worth $1,181,000 after purchasing an additional 22,687 shares during the last quarter. 55.70% of the stock is currently owned by institutional investors.
Southside Bancshares Stock Performance
Southside Bancshares stock opened at $32.26 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares, Inc. has a twelve month low of $25.30 and a twelve month high of $38.00. The company's 50-day moving average price is $34.52 and its 200-day moving average price is $32.13. The company has a market cap of $977.74 million, a PE ratio of 11.65 and a beta of 0.56.
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 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 company had revenue of $113.87 million during the quarter, compared to the consensus estimate of $68.25 million. During the same period in the previous year, the business earned $0.60 earnings per share. On average, equities research 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 was paid on Friday, December 6th. Stockholders of record on Thursday, November 21st were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $1.44 annualized dividend and a dividend yield of 4.46%. Southside Bancshares's dividend payout ratio is currently 51.99%.
Analysts Set New Price Targets
Separately, StockNews.com cut Southside Bancshares from a "hold" rating to a "sell" rating in a report on Tuesday, November 5th.
Read Our Latest Analysis on SBSI
Insider Transactions at Southside Bancshares
In related news, CEO Lee R. Gibson sold 3,300 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the sale, the chief executive officer now owns 57,272 shares of the company's stock, valued at $2,104,173.28. This represents a 5.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Suni M. Davis sold 2,220 shares of the company's stock in a transaction dated 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 directly owns 9,202 shares in the company, valued at $331,272. This represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company's stock.
About Southside Bancshares
(
Free Report)
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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