Nuveen LLC Acquires New Shares in Southside Bancshares, Inc. $SBSI

Key Points

• Nuveen LLC has acquired a new position in Southside Bancshares, purchasing 75,534 shares valued at approximately $2.19 million during the first quarter, increasing its stake to 0.25%.
• Several institutional investors, including Naples Global Advisors LLC and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., have also recently adjusted their holdings in Southside Bancshares, indicating growing interest from the investment community.
• The company has announced a quarterly dividend of $0.36 per share, with a dividend yield of 4.6%, set to be paid to shareholders on September 4th.

Nuveen LLC bought a new stake in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 75,534 shares of the bank's stock, valued at approximately $2,187,000. Nuveen LLC owned about 0.25% of Southside Bancshares at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Naples Global Advisors LLC grew its stake in shares of Southside Bancshares by 3.8% in the first quarter. Naples Global Advisors LLC now owns 10,924 shares of the bank's stock valued at $316,000 after acquiring an additional 400 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 acquiring an additional 571 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Southside Bancshares during the 1st quarter worth approximately $29,000. MetLife Investment Management LLC grew its position in shares of Southside Bancshares by 6.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,279 shares of the bank's stock worth $549,000 after purchasing an additional 1,042 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in shares of Southside Bancshares by 15.7% during the 1st quarter. New York State Teachers Retirement System now owns 9,182 shares of the bank's stock worth $266,000 after purchasing an additional 1,244 shares in the last quarter. 55.70% of the stock is owned by institutional investors and hedge funds.

Southside Bancshares Price Performance

Shares of SBSI stock traded down $0.30 during trading hours on Tuesday, reaching $30.94. The company's stock had a trading volume of 208,145 shares, compared to its average volume of 117,144. The firm's 50 day simple moving average is $30.28 and its 200-day simple moving average is $29.27. The company has a market capitalization of $930.68 million, a price-to-earnings ratio of 10.63 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 fifty-two week low of $25.85 and a fifty-two week high of $38.00.

Southside Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Thursday, August 21st. Southside Bancshares's dividend payout ratio (DPR) is presently 51.06%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Wall Street Zen raised Southside Bancshares from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Keefe, Bruyette & Woods increased their price target on 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 research 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 a consensus target price of $35.00.

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.