Pingora Partners LLC Invests $1.21 Million in Southside Bancshares, Inc. $SBSI

Key Points

• Pingora Partners LLC invested approximately $1.2 million in Southside Bancshares by purchasing 41,675 shares, reflecting a 0.14% ownership stake.
• Multiple institutional investors have recently increased their stakes in Southside Bancshares, with a total of 55.70% of the company's stock owned by institutional investors and hedge funds.
• Southside Bancshares announced a quarterly dividend of $0.36 per share, representing an annual yield of 4.6% and a payout ratio of 51.06%.

Pingora Partners LLC purchased a new position in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,675 shares of the bank's stock, valued at approximately $1,207,000. Pingora Partners LLC owned approximately 0.14% of Southside Bancshares at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Northern Trust Corp lifted its stake in Southside Bancshares by 5.8% during the fourth quarter. Northern Trust Corp now owns 318,699 shares of the bank's stock worth $10,122,000 after purchasing an additional 17,564 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Southside Bancshares by 8.8% in the first quarter. American Century Companies Inc. now owns 307,188 shares of the bank's stock worth $8,896,000 after buying an additional 24,934 shares during the period. ProShare Advisors LLC increased its position in shares of Southside Bancshares by 5.2% in the fourth quarter. ProShare Advisors LLC now owns 229,110 shares of the bank's stock valued at $7,277,000 after acquiring an additional 11,397 shares during the period. Principal Financial Group Inc. lifted its holdings in Southside Bancshares by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 141,885 shares of the bank's stock worth $4,109,000 after buying an additional 3,726 shares during the period. Finally, Bridgeway Capital Management LLC boosted its holdings in Southside Bancshares by 3.9% in the first quarter. Bridgeway Capital Management LLC now owns 111,711 shares of the bank's stock valued at $3,235,000 after acquiring an additional 4,198 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Stock Performance

Shares of NASDAQ:SBSI traded down $0.40 during mid-day trading on Tuesday, reaching $30.41. 106,172 shares of the company traded hands, compared to its average volume of 116,716. The firm has a market cap of $914.58 million, a PE ratio of 10.45 and a beta of 0.70. Southside Bancshares, Inc. has a 52 week low of $25.85 and a 52 week high of $38.00. The company's 50 day moving average price is $30.45 and its 200-day moving average price is $29.28. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Thursday, August 21st. Southside Bancshares's dividend payout ratio is 51.06%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their target price 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 investment analysts have rated the stock with a Hold rating, According to MarketBeat, Southside Bancshares presently has an average rating of "Hold" and an average 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.