Invesco Ltd. Cuts Holdings in Southside Bancshares, Inc. $SBSI

Key Points

• Invesco Ltd. reduced its stake in Southside Bancshares by 15.2%, selling 44,524 shares and owning 0.82% of the company worth approximately $7.2 million.
• Southside Bancshares recently announced a quarterly dividend of $0.36 per share, representing a 4.6% yield, with a payout ratio of 51.06%.
• Analysts have issued mixed ratings for Southside Bancshares, with three giving it a "Hold" rating and a consensus target price set at $35.00.

Invesco Ltd. decreased its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI - Free Report) by 15.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 248,156 shares of the bank's stock after selling 44,524 shares during the period. Invesco Ltd. owned 0.82% of Southside Bancshares worth $7,187,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Naples Global Advisors LLC lifted its stake in Southside Bancshares by 3.8% in the first quarter. Naples Global Advisors LLC now owns 10,924 shares of the bank's stock worth $316,000 after purchasing an additional 400 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 worth $519,000 after purchasing an additional 571 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Southside Bancshares in the first quarter worth about $29,000. MetLife Investment Management LLC lifted its stake in Southside Bancshares by 6.4% in the fourth 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 during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in Southside Bancshares by 15.7% in the first 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 during the last quarter. Institutional investors own 55.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on SBSI. Keefe, Bruyette & Woods raised their price objective 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 raised 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 data from MarketBeat.com, Southside Bancshares currently has an average rating of "Hold" and an average price target of $35.00.

Southside Bancshares Trading Down 0.3%

Shares of NASDAQ:SBSI traded down $0.08 during trading on Friday, reaching $31.28. 80,844 shares of the company were exchanged, compared to its average volume of 116,593. The firm has a market capitalization of $940.81 million, a PE ratio of 10.75 and a beta of 0.68. The business's fifty day simple moving average is $30.23 and its 200-day simple moving average is $29.29. Southside Bancshares, Inc. has a 12-month low of $25.85 and a 12-month high of $38.00. 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 announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.6%. Southside Bancshares's dividend payout ratio (DPR) is 51.06%.

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.