Bank of America Corp DE Makes New Investment in Southside Bancshares, Inc. $SBSI

Key Points

• Bank of America purchased 129,163 Southside Bancshares shares in the second quarter, valued at approximately $4.5 million and representing about 0.43% of the company. Institutional investors collectively own 55.7% of SBSI.
• Southside Bancshares reported quarterly EPS of $0.90, exceeding the $0.86 analyst consensus, though revenue of $71.34 million fell short of the $75 million estimate.
• The company raised its quarterly dividend to $0.37 per share, or $1.48 annually, yielding approximately 4.8%. Analysts maintain a consensus “Hold” rating with a $34.75 price target, while shares recently traded at $30.74.

Bank of America Corp DE purchased a new position in shares of Southside Bancshares, Inc. (NYSE:SBSI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 129,163 shares of the company's stock, valued at approximately $4,545,000. Bank of America Corp DE owned about 0.43% of Southside Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Odyssean LLC purchased a new stake in Southside Bancshares in the 2nd quarter valued at approximately $325,000. Jupiter Topco LLC purchased a new position in Southside Bancshares during the second quarter worth $476,000. Legal & General Group Plc acquired a new position in shares of Southside Bancshares in the second quarter worth $2,134,000. The Manufacturers Life Insurance Company acquired a new position in shares of Southside Bancshares in the second quarter worth $310,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Southside Bancshares in the second quarter valued at $210,000. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Southside Bancshares Stock Down 1.1%

Shares of NYSE:SBSI opened at $30.74 on Tuesday. 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 market cap of $916.36 million, a price-to-earnings ratio of 12.10 and a beta of 0.58. The stock's 50-day moving average price is $32.27 and its two-hundred day moving average price is $32.67. Southside Bancshares, Inc. has a 12-month low of $26.32 and a 12-month high of $36.20.

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

Southside Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a dividend of $0.37 per share. This is a positive change from Southside Bancshares's previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $1.48 dividend on an annualized basis and a yield of 4.8%. Southside Bancshares's dividend payout ratio is currently 58.27%.

Analysts Set New Price Targets

A number of analysts recently commented on SBSI shares. Stephens set a $37.00 price objective on Southside Bancshares in a research report on Monday, July 27th. Benchmark assumed coverage on shares of Southside Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating on the stock. Zacks Research upgraded shares of Southside Bancshares from a "strong sell" rating to a "hold" rating in a report on Thursday, September 24th. Weiss Ratings lowered shares of Southside Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. Finally, Piper Sandler reduced their price objective 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 investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $34.75.

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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