Empowered Funds LLC Takes $3.99 Million Position in Southside Bancshares, Inc. $SBSI

Key Points

• Empowered Funds LLC acquired 113,411 shares of Southside Bancshares worth approximately $3.99 million, representing about 0.38% of the company. Institutional investors collectively own 55.7% of SBSI.
• Southside Bancshares reported quarterly EPS of $0.90, exceeding the $0.86 consensus estimate, although revenue of $71.34 million fell short of expectations. The stock opened at $31.63, versus a 12-month range of $26.32 to $36.20.
• The company raised its quarterly dividend to $0.37 per share, equating to an annualized $1.48 dividend and a 4.7% yield. Analysts maintain a consensus “Hold” rating with a $34.75 target price.

Empowered Funds LLC bought a new stake in shares of Southside Bancshares, Inc. (NYSE:SBSI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 113,411 shares of the company's stock, valued at approximately $3,991,000. Empowered Funds LLC owned about 0.38% of Southside Bancshares as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SBSI. Captrust Financial Advisors lifted its stake in Southside Bancshares by 1.8% in the fourth quarter. Captrust Financial Advisors now owns 36,404 shares of the company's stock worth $1,106,000 after purchasing an additional 640 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Southside Bancshares by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company's stock valued at $494,000 after buying an additional 701 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Southside Bancshares by 6.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company's stock valued at $324,000 after buying an additional 706 shares during the last quarter. 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 buying an additional 867 shares during the period. Finally, GAMMA Investing LLC increased its holdings 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 during the period. Institutional investors own 55.70% of the company's stock.

Southside Bancshares Stock Performance

Shares of NYSE:SBSI opened at $31.63 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 company has a 50-day moving average price of $33.48 and a 200-day moving average price of $32.70. The company has a market cap of $942.89 million, a price-to-earnings ratio of 12.45 and a beta of 0.60. 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 posted its earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The company had revenue of $71.34 million for the quarter, compared to analysts' expectations of $75.00 million. As a group, equities analysts anticipate that Southside Bancshares, Inc. will post 3.24 EPS for the current year.

Southside Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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. The ex-dividend date is Thursday, August 20th. This represents a $1.48 annualized dividend and a yield of 4.7%. Southside Bancshares's dividend payout ratio (DPR) is 58.27%.

Wall Street Analysts Forecast Growth

SBSI has been the subject of several analyst reports. Piper Sandler dropped their target price on Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Zacks Research cut Southside Bancshares from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Benchmark initiated coverage on Southside Bancshares in a research report on Wednesday, June 24th. They issued a "hold" rating for the company. Stephens set a $37.00 price objective on Southside Bancshares in a research note on Monday, July 27th. Finally, Weiss Ratings cut shares of Southside Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $34.75.

Southside Bancshares 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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