Southside Bancshares (NASDAQ:SBSI) Given New $33.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods has raised the price target for Southside Bancshares from $32.00 to $33.00, indicating a potential upside of 8.91% from its previous close.
• Wall Street Zen upgraded Southside Bancshares from a "sell" to a "hold" rating, with five analysts currently rating the stock as a hold.
• Southside Bancshares reported $0.71 earnings per share for the last quarter, exceeding analysts' expectations of $0.67, contributing to a net margin of 19.40%.

Southside Bancshares (NASDAQ:SBSI - Get Free Report) had its price objective increased by analysts at Keefe, Bruyette & Woods from $32.00 to $33.00 in a report released on Monday,Benzinga reports. The firm presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 12.17% from the company's current price.

Separately, Wall Street Zen upgraded Southside Bancshares from a "sell" rating to a "hold" rating in a report on Friday, May 9th.

Southside Bancshares Trading Down 1.5%

Shares of NASDAQ SBSI traded down $0.46 during midday trading on Monday, hitting $29.42. The stock had a trading volume of 137,518 shares, compared to its average volume of 118,270. The company's 50-day simple moving average is $29.42 and its 200 day simple moving average is $29.59. The firm has a market cap of $888.87 million, a P/E ratio of 10.11 and a beta of 0.67. Southside Bancshares has a fifty-two week low of $25.85 and a fifty-two week 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 (NASDAQ:SBSI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. Southside Bancshares had a return on equity of 11.10% and a net margin of 19.40%. The business had revenue of $100.29 million for the quarter, compared to analyst estimates of $67.37 million. During the same period last year, the company earned $0.71 EPS. Research analysts anticipate that Southside Bancshares will post 2.84 EPS for the current year.

Institutional Trading of Southside Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC increased its position in Southside Bancshares by 867.4% during the fourth quarter. Sterling Capital Management LLC now owns 919 shares of the bank's stock worth $29,000 after buying an additional 824 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Southside Bancshares during the first quarter worth approximately $29,000. AlphaQuest LLC increased its position in Southside Bancshares by 223,400.0% during the first quarter. AlphaQuest LLC now owns 2,235 shares of the bank's stock worth $65,000 after buying an additional 2,234 shares during the last quarter. Hilltop National Bank acquired a new position in Southside Bancshares during the second quarter worth approximately $67,000. Finally, Lazard Asset Management LLC acquired a new position in Southside Bancshares during the fourth quarter worth approximately $103,000. Institutional investors and hedge funds own 55.70% of the company's stock.

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.