Keefe, Bruyette & Woods Issues Pessimistic Forecast for Southside Bancshares (NYSE:SBSI) Stock Price

Key Points

• Keefe, Bruyette & Woods cut Southside Bancshares’ price target to $35 from $37 while maintaining a “market perform” rating, implying roughly 7.15% upside from the prior close.
• Analyst sentiment remains cautious: the stock has an overall “Hold” consensus, with one Buy, five Hold and one Sell rating, and an average target price of $34.75.
• Southside Bancshares reported quarterly EPS of $0.90, beating estimates of $0.86, although revenue of $71.34 million fell short of the $75 million consensus forecast.

Southside Bancshares (NYSE:SBSI - Get Free Report) had its target price decreased by stock analysts at Keefe, Bruyette & Woods from $37.00 to $35.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective suggests a potential upside of 7.15% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Benchmark began coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating for the company. Zacks Research lowered shares of Southside Bancshares from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Piper Sandler lowered their target price on Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Stephens set a $37.00 price target on shares of Southside Bancshares in a report on Monday, July 27th. Finally, Weiss Ratings upgraded Southside Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $34.75.

Southside Bancshares Stock Performance

Shares of SBSI traded up $0.15 during trading hours on Monday, hitting $32.66. The company had a trading volume of 36,469 shares, compared to its average volume of 116,663. Southside Bancshares has a 12 month low of $26.32 and a 12 month high of $36.20. The firm has a market cap of $973.68 million, a price-to-earnings ratio of 12.86 and a beta of 0.58. The business has a fifty day moving average of $33.86 and a 200-day moving average of $32.76. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.71.

Southside Bancshares (NYSE:SBSI - Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The firm had revenue of $71.34 million during the quarter, compared to the consensus estimate of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. Equities analysts anticipate that Southside Bancshares will post 3.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Southside Bancshares

Several large investors have recently added to or reduced their stakes in SBSI. EverSource Wealth Advisors LLC boosted its position in shares of Southside Bancshares by 1,083.8% during the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company's stock valued at $28,000 after buying an additional 867 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Southside Bancshares during the 4th quarter worth $45,000. CIBC Private Wealth Group LLC purchased a new position in shares of Southside Bancshares in the third quarter worth about $45,000. Russell Investments Group Ltd. lifted its position in shares of Southside Bancshares by 927.6% during the third quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company's stock worth $80,000 after acquiring an additional 2,551 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in Southside Bancshares by 4,703.5% in the 4th quarter. Quadrant Capital Group LLC now owns 2,738 shares of the company's stock worth $83,000 after purchasing an additional 2,681 shares during the period. Institutional investors own 55.70% of the company's stock.

Southside Bancshares Company Profile

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company's offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.

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