Southside Bancshares (NASDAQ:SBSI) Shares Gap Down – Should You Sell?

Southside Bancshares, Inc. (NASDAQ:SBSI) shares gapped down prior to trading on Wednesday . The stock had previously closed at $32.69, but opened at $31.05. Southside Bancshares shares last traded at $32.18, with a volume of 7,358 shares changing hands.

Analyst Upgrades and Downgrades

SBSI has been the subject of a number of recent research reports. StockNews.com upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Friday. Raymond James initiated coverage on Southside Bancshares in a research report on Tuesday, January 14th. They set a “market perform” rating for the company. Finally, Stephens reduced 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.

Southside Bancshares Price Performance

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 company’s 50-day simple moving average is $32.95 and its 200-day simple moving average is $33.16. The company has a market capitalization of $949.95 million, a PE ratio of 10.73 and a beta of 0.58.

Southside Bancshares Dividend Announcement

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

Insider Activity at Southside Bancshares

In other Southside Bancshares news, insider Suni M. Davis sold 2,220 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were 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 approximately $331,272. This trade represents a 19.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 in the company, valued at $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. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SBSI. JPMorgan Chase & Co. boosted its stake in Southside Bancshares by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock worth $12,876,000 after buying an additional 170,287 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Southside Bancshares by 73.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 59,801 shares of the bank’s stock valued at $1,999,000 after purchasing an additional 25,350 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Southside Bancshares by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 671,666 shares of the bank’s stock valued at $22,458,000 after buying an additional 3,097 shares during the period. Barclays PLC raised its position in shares of Southside Bancshares by 137.6% in the 3rd quarter. Barclays PLC now owns 59,263 shares of the bank’s stock worth $1,981,000 after buying an additional 34,316 shares during the period. Finally, Jane Street Group LLC increased its stake in Southside Bancshares by 119.5% during the third quarter. Jane Street Group LLC now owns 53,571 shares of the bank’s stock worth $1,791,000 after acquiring an additional 29,163 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.