Southside Bancshares, Inc. (NYSE:SBSI) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Analysts remain neutral on Southside Bancshares: Seven firms assign the stock a consensus “Hold” rating, with one sell, five hold, and one buy rating. The average 12-month price target is $34.75 versus the reported share price of $32.13.
• The company reported quarterly EPS of $0.90, exceeding the $0.86 consensus estimate, although revenue of $71.34 million fell short of the $75 million forecast.
• Southside Bancshares raised its quarterly dividend to $0.37 per share, representing an annualized payout of $1.48 and a 4.6% yield. Institutional investors own 55.7% of the company’s stock.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report) has been assigned an average rating of "Hold" from the seven research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $34.75.

SBSI has been the topic of several research analyst reports. Benchmark began coverage on Southside Bancshares in a research report on Wednesday, June 24th. They issued a "hold" rating on the stock. Stephens set a $37.00 target price on shares of Southside Bancshares in a research note on Monday, July 27th. Piper Sandler decreased their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Keefe, Bruyette & Woods dropped their target price on shares of Southside Bancshares from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Monday, August 3rd. Finally, Zacks Research lowered shares of Southside Bancshares from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th.

Southside Bancshares Trading Up 0.1%

Shares of SBSI opened at $32.13 on Friday. The company's fifty day simple moving average is $32.98 and its 200-day simple moving average is $32.66. The company has a market cap of $957.76 million, a P/E ratio of 12.65 and a beta of 0.58. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. 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 (EPS) 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 business had revenue of $71.34 million during the quarter, compared to analyst estimates of $75.00 million. As a group, analysts expect that Southside Bancshares will post 3.24 EPS for the current year.

Southside Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a $0.37 dividend. The ex-dividend date was Thursday, August 20th. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. This is a positive change from Southside Bancshares's previous quarterly dividend of $0.36. Southside Bancshares's dividend payout ratio (DPR) is currently 58.27%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SBSI. Quantinno Capital Management LP increased its holdings in shares of Southside Bancshares by 75.6% in the 1st quarter. Quantinno Capital Management LP now owns 37,875 shares of the company's stock valued at $1,178,000 after acquiring an additional 16,306 shares during the period. Deutsche Bank AG purchased a new stake in shares of Southside Bancshares during the second quarter valued at $1,106,000. Pingora Partners LLC acquired a new stake in shares of Southside Bancshares during the second quarter worth about $2,054,000. Empowered Funds LLC lifted its position in Southside Bancshares by 224.9% during the first quarter. Empowered Funds LLC now owns 100,298 shares of the company's stock valued at $3,118,000 after purchasing an additional 69,431 shares during the period. Finally, Fifth Third Bancorp boosted its stake in shares of Southside Bancshares by 35,847.8% in the first quarter. Fifth Third Bancorp now owns 16,536 shares of the company's stock worth $514,000 after buying an additional 16,490 shares during the last quarter. Hedge funds and other institutional investors own 55.70% of the company's stock.

Southside Bancshares Company Profile

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company's offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.

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