Ieq Capital LLC Purchases New Holdings in Southside Bancshares, Inc. $SBSI

Key Points

• Ieq Capital LLC has acquired a new stake in Southside Bancshares, purchasing 8,084 shares valued at approximately $234,000 during the first quarter.
• Multiple hedge funds, including AlphaQuest LLC and Public Sector Pension Investment Board, have significantly increased their positions in Southside Bancshares, highlighting strong institutional interest with 55.70% of the stock owned by such investors.
• Southside Bancshares announced a quarterly dividend of $0.36 per share, reflecting an annualized yield of 4.6%, with a current dividend payout ratio of 51.06%.

Ieq Capital LLC acquired a new position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,084 shares of the bank's stock, valued at approximately $234,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Naples Global Advisors LLC increased its holdings in Southside Bancshares by 3.8% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Southside Bancshares by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,348 shares of the bank's stock valued at $519,000 after buying an additional 571 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Southside Bancshares in the first quarter valued at about $29,000. New York State Teachers Retirement System increased its stake in shares of Southside Bancshares by 15.7% in the first quarter. New York State Teachers Retirement System now owns 9,182 shares of the bank's stock valued at $266,000 after buying an additional 1,244 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Southside Bancshares by 21.3% in the first quarter. Allianz Asset Management GmbH now owns 9,700 shares of the bank's stock valued at $281,000 after buying an additional 1,700 shares during the period. Institutional investors and hedge funds own 55.70% of the company's stock.

Analysts Set New Price Targets

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 research note on Monday, July 28th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $35.00.

Southside Bancshares Stock Down 1.3%

NASDAQ:SBSI traded down $0.40 on Tuesday, hitting $30.41. The stock had a trading volume of 106,172 shares, compared to its average volume of 116,716. The business's fifty day moving average is $30.45 and its 200 day moving average is $29.28. The company has a market cap of $914.58 million, a PE ratio of 10.45 and a beta of 0.70. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.18. Southside Bancshares, Inc. has a 52 week low of $25.85 and a 52 week high of $38.00.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $1.44 annualized dividend and a dividend yield of 4.7%. Southside Bancshares's dividend payout ratio 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.