Bank of New York Mellon Corp Acquires New Position in Southside Bancshares, Inc. $SBSI

Key Points

• Bank of New York Mellon acquired 261,818 shares of Southside Bancshares in the second quarter, worth approximately $9.2 million and representing 0.88% of the company. Institutional investors collectively own 55.70% of SBSI.
• Southside Bancshares reported quarterly EPS of $0.90, exceeding estimates of $0.86, although revenue of $71.34 million fell short of the $75 million consensus forecast.
• The company raised its quarterly dividend from $0.36 to $0.37 per share, equivalent to an annualized $1.48 payout and a 4.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $34.75.

Bank of New York Mellon Corp acquired a new stake in Southside Bancshares, Inc. (NYSE:SBSI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 261,818 shares of the company's stock, valued at approximately $9,213,000. Bank of New York Mellon Corp owned 0.88% of Southside Bancshares at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Captrust Financial Advisors boosted its holdings in shares of Southside Bancshares by 1.8% in the fourth quarter. Captrust Financial Advisors now owns 36,404 shares of the company's stock valued at $1,106,000 after purchasing an additional 640 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 worth $494,000 after purchasing an additional 701 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Southside Bancshares by 6.8% during the 2nd 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 Southside Bancshares by 1,083.8% during the 2nd 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 Southside Bancshares by 37.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,379 shares of the company's stock valued at $119,000 after purchasing an additional 916 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors.

Southside Bancshares Trading Up 2.3%

SBSI opened at $32.13 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 market cap of $957.88 million, a price-to-earnings ratio of 12.65 and a beta of 0.58. Southside Bancshares, Inc. has a 12 month low of $26.32 and a 12 month high of $36.20. The stock has a fifty day moving average price of $33.36 and a 200-day moving average price of $32.68.

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

Southside Bancshares Increases Dividend

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

Analyst Ratings Changes

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

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.

Want to see what other hedge funds are holding SBSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southside Bancshares, Inc. (NYSE:SBSI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source