Southside Bancshares (NASDAQ:SBSI) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a hold rating in a report released on Friday morning.

Several other research firms have also issued reports on SBSI. Stephens dropped their price objective on shares of Southside Bancshares from $38.00 to $37.00 and set an “equal weight” rating for the company in a research report on Thursday. Raymond James began coverage on Southside Bancshares in a report on Tuesday, January 14th. They issued a “market perform” rating for the company.

Southside Bancshares Stock Down 0.1 %

Shares of NASDAQ:SBSI opened at $31.39 on Friday. Southside Bancshares has a 1 year low of $25.30 and a 1 year high of $38.00. The stock has a 50-day simple moving average of $32.85 and a 200-day simple moving average of $33.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $951.31 million, a P/E ratio of 10.73 and a beta of 0.58.

Southside Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Thursday, November 21st were issued a $0.36 dividend. The ex-dividend date was Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.59%. Southside Bancshares’s dividend payout ratio is currently 49.48%.

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 directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Suni M. Davis sold 2,220 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 approximately $331,272. This represents a 19.44 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in SBSI. JPMorgan Chase & Co. boosted its holdings in Southside Bancshares by 79.3% in the third quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock worth $12,876,000 after purchasing an additional 170,287 shares during the period. AQR Capital Management LLC raised its stake in Southside Bancshares by 95.8% during the second quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock worth $6,574,000 after acquiring an additional 116,473 shares during the period. Marshall Wace LLP acquired a new stake in Southside Bancshares during the second quarter worth about $1,109,000. Barclays PLC lifted its holdings in Southside Bancshares by 137.6% in the third quarter. Barclays PLC now owns 59,263 shares of the bank’s stock worth $1,981,000 after acquiring an additional 34,316 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in Southside Bancshares by 119.5% in the third quarter. Jane Street Group LLC now owns 53,571 shares of the bank’s stock valued at $1,791,000 after acquiring an additional 29,163 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

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.