Public Sector Pension Investment Board Boosts Holdings in Southside Bancshares, Inc. $SBSI

Key Points

• The Public Sector Pension Investment Board increased its stake in Southside Bancshares, Inc. by 26.7%, acquiring an additional 19,009 shares, bringing its total ownership to 90,308 shares valued at approximately $2.6 million.
• Southside Bancshares announced a quarterly dividend of $0.36 per share, resulting in an annualized dividend of $1.44, which represents a yield of 4.8%.
• Wall Street analysts have given Southside Bancshares a consensus rating of "Hold" with an average price target increased to $35.00 from previous estimates.

Public Sector Pension Investment Board increased its holdings in shares of Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 26.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,308 shares of the bank's stock after purchasing an additional 19,009 shares during the period. Public Sector Pension Investment Board owned 0.30% of Southside Bancshares worth $2,615,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Southside Bancshares by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,319,916 shares of the bank's stock worth $41,921,000 after acquiring an additional 49,565 shares during the period. Northern Trust Corp lifted its stake in shares of Southside Bancshares by 5.8% in the 4th quarter. Northern Trust Corp now owns 318,699 shares of the bank's stock worth $10,122,000 after acquiring an additional 17,564 shares during the period. Invesco Ltd. lifted its stake in shares of Southside Bancshares by 139.9% in the 4th quarter. Invesco Ltd. now owns 292,680 shares of the bank's stock worth $9,296,000 after acquiring an additional 170,685 shares during the period. ProShare Advisors LLC lifted its stake in shares of Southside Bancshares by 5.2% in the 4th quarter. ProShare Advisors LLC now owns 229,110 shares of the bank's stock worth $7,277,000 after acquiring an additional 11,397 shares during the period. Finally, Principal Financial Group Inc. lifted its stake 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. Institutional investors and hedge funds own 55.70% of the company's stock.

Southside Bancshares Price Performance

NASDAQ:SBSI traded down $0.2970 during mid-day trading on Monday, hitting $30.9130. 81,283 shares of the company's stock traded hands, compared to its average volume of 117,054. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The firm's 50 day simple moving average is $29.96 and its 200 day simple moving average is $29.28. Southside Bancshares, Inc. has a 1 year low of $25.85 and a 1 year high of $38.00. The company has a market cap of $929.86 million, a PE ratio of 10.62 and a beta of 0.68.

Southside Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.7%. The ex-dividend date is Thursday, August 21st. Southside Bancshares's dividend payout ratio (DPR) is 51.06%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods raised 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 note on Monday, July 28th. Wall Street Zen upgraded shares of Southside Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $35.00.

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.