Pingora Partners LLC Acquires Shares of 41,675 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 acquired a new position in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 41,675 shares of the bank's stock, valued at approximately $1,207,000. Pingora Partners LLC owned 0.14% of Southside Bancshares at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Southside Bancshares by 2,583.7% in the 1st quarter. GAMMA Investing LLC now owns 35,881 shares of the bank's stock worth $1,039,000 after acquiring an additional 34,544 shares during the period. Principal Financial Group Inc. lifted its position in shares of 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 acquiring an additional 3,726 shares during the period. Deutsche Bank AG lifted its position in shares of Southside Bancshares by 53.9% in the 4th quarter. Deutsche Bank AG now owns 27,043 shares of the bank's stock worth $859,000 after acquiring an additional 9,466 shares during the period. New York State Teachers Retirement System lifted its position in shares of Southside Bancshares by 15.7% in the 1st quarter. New York State Teachers Retirement System now owns 9,182 shares of the bank's stock worth $266,000 after acquiring an additional 1,244 shares during the period. Finally, Royce & Associates LP bought a new stake in shares of Southside Bancshares in the 1st quarter worth approximately $424,000. Institutional investors own 55.70% of the company's stock.

Southside Bancshares Price Performance

Shares of Southside Bancshares stock traded up $0.04 during midday trading on Thursday, hitting $30.51. 21,790 shares of the company were exchanged, compared to its average volume of 115,888. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $917.74 million, a P/E ratio of 10.48 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 firm has a 50 day simple moving average of $30.44 and a 200-day simple moving average of $29.29.

Southside Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given 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 was Thursday, August 21st. Southside Bancshares's dividend payout ratio (DPR) is 51.06%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective 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, the company presently has a consensus rating of "Hold" and an average target price of $35.00.

Southside Bancshares Company 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.