Southside Bancshares (NASDAQ:SBSI) PT Lowered to $31.00

Southside Bancshares (NASDAQ:SBSI - Get Free Report) had its price target lowered by Hovde Group from $35.00 to $31.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm currently has a "market perform" rating on the bank's stock. Hovde Group's price target indicates a potential upside of 10.67% from the company's current price.

Southside Bancshares Trading Up 0.6 %

Shares of NASDAQ SBSI traded up $0.16 during trading on Thursday, reaching $28.01. The stock had a trading volume of 69,024 shares, compared to its average volume of 126,400. Southside Bancshares has a fifty-two week low of $25.38 and a fifty-two week high of $34.40. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.73 and a current ratio of 0.73. The business's 50-day moving average price is $28.02 and its 200-day moving average price is $29.18. The company has a market cap of $848.28 million, a P/E ratio of 10.41 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI - Get Free Report) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.04). Southside Bancshares had a net margin of 19.79% and a return on equity of 10.80%. The firm had revenue of $112.48 million during the quarter, compared to analyst estimates of $67.10 million. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, equities research analysts predict that Southside Bancshares will post 2.74 EPS for the current fiscal year.

Insider Activity at Southside Bancshares

In related news, CEO Lee R. Gibson sold 14,897 shares of Southside Bancshares stock in a transaction on Monday, March 4th. The stock was sold at an average price of $30.27, for a total value of $450,932.19. Following the completion of the transaction, the chief executive officer now directly owns 56,491 shares in the company, valued at $1,709,982.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Southside Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System increased its position in Southside Bancshares by 185.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank's stock valued at $702,000 after acquiring an additional 15,625 shares during the period. ProShare Advisors LLC increased its position in Southside Bancshares by 0.9% in the 1st quarter. ProShare Advisors LLC now owns 266,202 shares of the bank's stock valued at $7,781,000 after acquiring an additional 2,456 shares during the period. Empowered Funds LLC increased its position in Southside Bancshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 65,458 shares of the bank's stock valued at $1,913,000 after acquiring an additional 4,900 shares during the period. Texas Permanent School Fund Corp increased its position in Southside Bancshares by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 25,150 shares of the bank's stock valued at $735,000 after acquiring an additional 369 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Southside Bancshares by 73.6% in the 1st quarter. BNP Paribas Financial Markets now owns 19,533 shares of the bank's stock valued at $571,000 after acquiring an additional 8,280 shares during the period. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Company Profile

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.