Southside Bancshares (NYSE:SBSI) CAO April Pinkley Sells 6,724 Shares of Stock

Key Points

• CAO April Pinkley sold 6,724 Southside Bancshares shares at an average price of $36, totaling $242,064. The sale reduced her direct holdings by 60.48%, to 4,393 shares.
• Southside reported quarterly EPS of $0.93, beating the $0.79 consensus estimate, and revenue of $76.14 million, above expectations of $72.67 million.
• The company declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 and a reported 4.4% yield.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report) CAO April Pinkley sold 6,724 shares of the firm's stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $36.00, for a total transaction of $242,064.00. Following the completion of the sale, the chief accounting officer directly owned 4,393 shares of the company's stock, valued at approximately $158,148. This represents a 60.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Southside Bancshares Trading Down 1.6%

Shares of NYSE SBSI traded down $0.55 during midday trading on Friday, hitting $33.81. 37,677 shares of the company traded hands, compared to its average volume of 124,132. Southside Bancshares, Inc. has a 12-month low of $28.04 and a 12-month high of $36.35. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50-day moving average price of $31.63 and a 200 day moving average price of $32.45. The firm has a market cap of $1.01 billion, a P/E ratio of 10.22 and a beta of 0.57.

Southside Bancshares (NYSE:SBSI - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.14. The company had revenue of $76.14 million during the quarter, compared to the consensus estimate of $72.67 million. Southside Bancshares had a net margin of 21.48% and a return on equity of 11.58%. As a group, analysts expect that Southside Bancshares, Inc. will post 3.45 earnings per share for the current year.

Southside Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Wednesday, November 25th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, November 25th. Southside Bancshares's dividend payout ratio is presently 44.71%.

Institutional Investors Weigh In On Southside Bancshares

Several hedge funds have recently added to or reduced their stakes in SBSI. Russell Investments Group Ltd. increased its holdings in shares of Southside Bancshares by 3.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 16,219 shares of the company's stock worth $488,000 after purchasing an additional 479 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Southside Bancshares by 15.2% during the third quarter. Fifth Third Bancorp now owns 17,440 shares of the company's stock valued at $525,000 after buying an additional 2,300 shares during the last quarter. Vise Technologies Inc. purchased a new stake in shares of Southside Bancshares during the third quarter valued at $220,000. Pinnacle Associates Ltd. boosted its position in shares of Southside Bancshares by 4.4% during the third quarter. Pinnacle Associates Ltd. now owns 43,398 shares of the company's stock valued at $1,305,000 after buying an additional 1,824 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Southside Bancshares by 14.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,723 shares of the company's stock worth $82,000 after buying an additional 341 shares in the last quarter. 55.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on SBSI shares. Weiss Ratings raised Southside Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 30th. Keefe, Bruyette & Woods dropped their target price on shares of Southside Bancshares from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Monday, August 3rd. Zacks Research raised shares of Southside Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 30th. Wall Street Zen upgraded shares of Southside Bancshares from a "hold" rating to a "buy" rating in a research note on Saturday, October 31st. Finally, Piper Sandler lowered their price target on shares of Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $34.75.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a Texas-based financial holding company and the parent company of Southside Bank. Founded in 1960 and headquartered in Tyler, Texas, the company provides banking and financial services to individuals, businesses, and institutions.

Southside Bank offers a range of deposit products, including checking, savings, money market, and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction financing, commercial and industrial loans, consumer loans, and other forms of business credit.

The bank also provides treasury management, online and mobile banking, wealth management, trust and fiduciary services, and other financial solutions.

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