31,443 Shares in Southside Bancshares, Inc. $SBSI Purchased by Deutsche Bank AG

Key Points

• Deutsche Bank purchased 31,443 shares of Southside Bancshares during the second quarter, worth approximately $1.1 million; institutional investors collectively own 55.7% of the company.
• Southside Bancshares beat quarterly earnings expectations with EPS of $0.90 versus the $0.86 estimate, although revenue of $71.34 million fell short of the $75 million consensus.
• The company raised its quarterly dividend to $0.37 per share, implying annualized dividends of $1.48 and a yield of about 4.6%; analysts maintain a consensus “Hold” rating with a $34.75 price target.

Deutsche Bank AG purchased a new position in Southside Bancshares, Inc. (NYSE:SBSI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,443 shares of the company's stock, valued at approximately $1,106,000. Deutsche Bank AG owned approximately 0.11% of Southside Bancshares at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors lifted its stake in Southside Bancshares by 1.8% in the 4th quarter. Captrust Financial Advisors now owns 36,404 shares of the company's stock worth $1,106,000 after purchasing an additional 640 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Southside Bancshares by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company's stock valued at $494,000 after purchasing an additional 701 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Southside Bancshares by 6.8% in the second quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company's stock worth $324,000 after purchasing an additional 706 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company's stock worth $28,000 after purchasing an additional 867 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Southside Bancshares by 37.2% in the second quarter. GAMMA Investing LLC now owns 3,379 shares of the company's stock worth $119,000 after buying an additional 916 shares in the last quarter. Hedge funds and other institutional investors own 55.70% of the company's stock.

Southside Bancshares Stock Performance

Shares of SBSI opened at $31.88 on Monday. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The firm has a market cap of $950.34 million, a price-to-earnings ratio of 12.55 and a beta of 0.60. The firm has a 50 day moving average price of $33.52 and a 200-day moving average price of $32.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74.

Southside Bancshares (NYSE:SBSI - Get Free Report) last issued its earnings results on Friday, July 24th. The company reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The company had revenue of $71.34 million for the quarter, compared to analysts' expectations of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. As a group, equities research analysts forecast that Southside Bancshares, Inc. will post 3.24 earnings per share for the current year.

Southside Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be issued a $0.37 dividend. This is an increase from Southside Bancshares's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Thursday, August 20th. Southside Bancshares's dividend payout ratio (DPR) is presently 58.27%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SBSI shares. Benchmark assumed coverage on Southside Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Weiss Ratings downgraded Southside Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 20th. Zacks Research lowered Southside Bancshares from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Stephens set a $37.00 price objective on shares of Southside Bancshares in a research report on Monday, July 27th. Finally, Piper Sandler lowered their target price on shares of Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $34.75.

About Southside Bancshares

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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