Empowered Funds LLC Buys 69,431 Shares of Southside Bancshares, Inc. $SBSI

Key Points

• Empowered Funds LLC increased its Southside Bancshares stake by 224.9% in the first quarter, buying 69,431 additional shares to own 100,298 shares valued at approximately $3.12 million. Institutional investors collectively own 55.7% of the company.
• Southside Bancshares reported quarterly EPS of $0.90, exceeding analyst estimates of $0.86, though revenue of $71.34 million fell short of the $75 million consensus estimate. The company also pays a quarterly dividend of $0.36, representing a 4.4% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $34.75; recent firms lowered targets, while one firm downgraded the stock to “Strong Sell.”

Empowered Funds LLC grew its stake in Southside Bancshares, Inc. (NYSE:SBSI - Free Report) by 224.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,298 shares of the company's stock after buying an additional 69,431 shares during the period. Empowered Funds LLC owned 0.34% of Southside Bancshares worth $3,118,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Captrust Financial Advisors boosted its holdings in 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 acquiring an additional 640 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 last quarter. The Manufacturers Life Insurance Company raised 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 last quarter. Polaris Capital Management LLC lifted its position in shares of Southside Bancshares by 1.2% in the 4th quarter. Polaris Capital Management LLC now owns 62,227 shares of the company's stock worth $1,891,000 after purchasing an additional 727 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Southside Bancshares by 1,083.8% in 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. 55.70% of the stock is currently owned by institutional investors.

Southside Bancshares Stock Performance

Shares of SBSI opened at $32.62 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a 50-day moving average of $33.86 and a 200-day moving average of $32.77. The company has a market cap of $972.40 million, a PE ratio of 12.84 and a beta of 0.60. Southside Bancshares, Inc. has a one year low of $26.32 and a one year high of $36.20.

Southside Bancshares (NYSE:SBSI - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The business 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%. On average, equities research analysts predict that Southside Bancshares, Inc. will post 3.24 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Monday, May 18th. Southside Bancshares's dividend payout ratio (DPR) is currently 56.69%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SBSI. Keefe, Bruyette & Woods decreased their price objective on shares of Southside Bancshares from $37.00 to $35.00 and set a "market perform" rating for the company in a research report on Monday. Zacks Research lowered shares of Southside Bancshares from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Stephens set a $37.00 price target on shares of Southside Bancshares in a research report on Monday, July 27th. Piper Sandler decreased their price target on Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Finally, Weiss Ratings upgraded Southside Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. One equities 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target 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.

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