Southside Bancshares (NYSE:SBSI) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Southside Bancshares from “strong sell” to “hold,” while the broader analyst consensus remains “hold.” The average price target is $34.75.
• Southside Bancshares opened at $31.16, below its 50-day and 200-day moving averages, with a market capitalization of approximately $929 million and a 12-month trading range of $26.32 to $36.20.
• The company exceeded quarterly earnings expectations, reporting $0.90 per share versus the $0.86 consensus estimate, although revenue of $71.34 million fell short of the $75 million forecast. Institutional investors own 55.70% of the stock.

Southside Bancshares (NYSE:SBSI - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Thursday, Zacks reports.

A number of other equities analysts also recently commented on the company. Stephens set a $37.00 price target on Southside Bancshares in a research note on Monday, July 27th. Piper Sandler lowered their price objective on Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a research note on Monday, July 27th. Keefe, Bruyette & Woods dropped their target price on Southside Bancshares from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Monday, August 3rd. Benchmark started coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Finally, Weiss Ratings downgraded shares of Southside Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $34.75.

Southside Bancshares Price Performance

Shares of SBSI stock opened at $31.16 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. The firm has a fifty day simple moving average of $32.35 and a 200-day simple moving average of $32.65. The company has a market capitalization of $929.00 million, a PE ratio of 12.27 and a beta of 0.58. Southside Bancshares has a twelve month low of $26.32 and a twelve month high of $36.20.

Southside Bancshares (NYSE:SBSI - Get Free Report) last announced its earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The company had revenue of $71.34 million during the quarter, compared to the consensus estimate of $75.00 million. Equities research analysts anticipate that Southside Bancshares will post 3.27 earnings per share for the current fiscal year.

Institutional Trading of Southside Bancshares

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Southside Bancshares during the second quarter worth approximately $150,305,000. Bank of New York Mellon Corp acquired a new stake in Southside Bancshares in the second quarter worth approximately $9,213,000. Bank of America Corp DE bought a new position in Southside Bancshares during the 2nd quarter valued at $4,545,000. Empowered Funds LLC bought a new position in Southside Bancshares during the 2nd quarter valued at $3,991,000. Finally, Legal & General Group Plc acquired a new position in shares of Southside Bancshares during the 2nd quarter valued at $2,134,000. 55.70% of the stock is owned by institutional investors and hedge funds.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a Texas-based bank holding company headquartered in Tyler, Texas. Its principal subsidiary, Southside Bank, provides banking and financial services to individuals, businesses, municipalities and other organizations.

Southside Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit, along with commercial, real estate, residential mortgage and consumer lending. The bank also provides treasury management, online and mobile banking, wealth management, trust and investment services, and other financial solutions.

Founded in 1960, Southside Bank serves communities primarily across East, North and Central Texas through banking locations and digital channels.

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