Ieq Capital LLC Purchases Shares of 8,084 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 Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 modified their holdings of the company. Meeder Asset Management Inc. bought a new position in Southside Bancshares during the first quarter worth $29,000. AlphaQuest LLC increased its position in Southside Bancshares by 223,400.0% during the first quarter. AlphaQuest LLC now owns 2,235 shares of the bank's stock worth $65,000 after acquiring an additional 2,234 shares during the period. Lazard Asset Management LLC bought a new position in Southside Bancshares during the fourth quarter worth $103,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Southside Bancshares during the first quarter worth $204,000. Finally, Quantbot Technologies LP increased its position in Southside Bancshares by 126.3% during the first quarter. Quantbot Technologies LP now owns 8,802 shares of the bank's stock worth $255,000 after acquiring an additional 4,912 shares during the period. 55.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Southside Bancshares Stock Performance

Southside Bancshares stock traded down $0.36 on Friday, hitting $30.45. The company's stock had a trading volume of 72,599 shares, compared to its average volume of 116,084. The firm has a market cap of $915.94 million, a P/E ratio of 10.46 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. The company has a fifty day moving average price of $30.42 and a 200-day moving average price of $29.29. Southside Bancshares, Inc. has a one year low of $25.85 and a one year high of $38.00.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued 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 payout ratio is 51.06%.

Southside Bancshares Profile

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.