Southside Bancshares (NASDAQ:SBSI) Price Target Cut to $37.00 by Analysts at Stephens

Southside Bancshares (NASDAQ:SBSI) had its price objective dropped by analysts at Stephens from $38.00 to $37.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Stephens’ price objective points to a potential upside of 16.02% from the company’s previous close.

SBSI has been the subject of a number of other research reports. Raymond James started coverage on shares of Southside Bancshares in a research report on Tuesday, January 14th. They issued a “market perform” rating for the company. StockNews.com cut Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th.

Southside Bancshares Stock Up 1.5 %

Shares of NASDAQ SBSI traded up $0.46 during trading hours on Thursday, hitting $31.89. The company had a trading volume of 3,735 shares, compared to its average volume of 109,355. Southside Bancshares has a 1-year low of $25.30 and a 1-year high of $38.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $33.02 and its 200-day moving average is $33.17. The stock has a market capitalization of $966.59 million, a P/E ratio of 11.51 and a beta of 0.58.

Insider Activity at Southside Bancshares

In related news, 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 approximately $331,272. This represents a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lee R. Gibson sold 3,300 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the transaction, the chief executive officer now directly owns 57,272 shares in the company, valued at approximately $2,104,173.28. This represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Southside Bancshares

Large investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans grew its holdings in shares of Southside Bancshares by 38.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 34,451 shares of the bank’s stock worth $951,000 after purchasing an additional 9,521 shares in the last quarter. Marshall Wace LLP acquired a new stake in Southside Bancshares during the second quarter worth about $1,109,000. Squarepoint Ops LLC increased its holdings in Southside Bancshares by 103.9% in the 2nd quarter. Squarepoint Ops LLC now owns 16,380 shares of the bank’s stock valued at $452,000 after buying an additional 8,345 shares during the period. AQR Capital Management LLC raised its position in shares of Southside Bancshares by 95.8% in the 2nd quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock valued at $6,574,000 after buying an additional 116,473 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Southside Bancshares by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,371 shares of the bank’s stock worth $314,000 after acquiring an additional 570 shares during the period. Institutional investors and hedge funds 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.