Cubist Systematic Strategies LLC Invests $386,000 in Southside Bancshares, Inc. $SBSI

Key Points

• Cubist Systematic Strategies LLC invested approximately $386,000 in Southside Bancshares, acquiring 13,330 shares during the first quarter.
• Several hedge funds have also increased their stakes in Southside Bancshares, with institutional investors and hedge funds owning 55.70% of the company’s stock.
• Southside Bancshares announced a quarterly dividend of $0.36 per share, which represents a 4.7% yield and a dividend payout ratio of 51.06%.

Cubist Systematic Strategies LLC purchased a new position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,330 shares of the bank's stock, valued at approximately $386,000.

Several other hedge funds also recently modified their holdings of the business. Naples Global Advisors LLC increased its stake in shares of Southside Bancshares by 3.8% during the 1st quarter. Naples Global Advisors LLC now owns 10,924 shares of the bank's stock worth $316,000 after purchasing an additional 400 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Southside Bancshares by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,348 shares of the bank's stock valued at $519,000 after purchasing an additional 571 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Southside Bancshares during the first quarter valued at approximately $29,000. New York State Teachers Retirement System grew its holdings in Southside Bancshares by 15.7% during the first quarter. New York State Teachers Retirement System now owns 9,182 shares of the bank's stock valued at $266,000 after purchasing an additional 1,244 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Southside Bancshares by 21.3% during the first quarter. Allianz Asset Management GmbH now owns 9,700 shares of the bank's stock valued at $281,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company's stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price target on Southside Bancshares from $32.00 to $33.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $35.00.

Southside Bancshares Stock Up 1.0%

Shares of SBSI stock opened at $30.77 on Friday. The stock has a market cap of $925.56 million, a P/E ratio of 10.57 and a beta of 0.70. Southside Bancshares, Inc. has a one year low of $25.85 and a one year high of $38.00. The stock has a fifty day moving average price of $30.43 and a 200 day moving average price of $29.29. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Thursday, August 21st. Southside Bancshares's dividend payout ratio (DPR) is 51.06%.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposits.

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