Southside Bancshares, Inc. (NYSE:SBSI) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts maintain a “Hold” consensus on Southside Bancshares, with five hold ratings, one sell and one buy. The average 12-month price target is $34.75, while several firms recently lowered their targets.
• Southside Bancshares reported quarterly EPS of $0.90, exceeding the $0.86 analyst estimate, although revenue of $71.34 million fell short of the $75 million forecast.
• The company increased its quarterly dividend to $0.37 per share from $0.36, implying an annualized dividend of $1.48 and a 4.5% yield. Institutional investors own 55.7% of the stock.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report) has earned a consensus rating of "Hold" from the seven brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $34.75.

Several research firms have issued reports on SBSI. Piper Sandler decreased their price target on shares of Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Benchmark initiated coverage on shares of Southside Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating on the stock. Keefe, Bruyette & Woods decreased 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 research report on Monday, August 3rd. Zacks Research cut shares of Southside Bancshares from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings raised Southside Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th.

Hedge Funds Weigh In On Southside Bancshares

Several large investors have recently added to or reduced their stakes in SBSI. Captrust Financial Advisors grew its holdings in Southside Bancshares by 1.8% in the 4th quarter. Captrust Financial Advisors now owns 36,404 shares of the company's stock valued at $1,106,000 after buying an additional 640 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Southside Bancshares by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company's stock worth $494,000 after acquiring an additional 701 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Southside Bancshares by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company's stock worth $324,000 after acquiring an additional 706 shares during the period. Polaris Capital Management LLC boosted its position in shares of Southside Bancshares by 1.2% in the fourth quarter. Polaris Capital Management LLC now owns 62,227 shares of the company's stock worth $1,891,000 after acquiring an additional 727 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company's stock worth $28,000 after acquiring an additional 867 shares during the last quarter. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Southside Bancshares Stock Performance

NYSE SBSI opened at $32.70 on Tuesday. Southside Bancshares has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The stock has a market cap of $974.79 million, a price-to-earnings ratio of 12.87 and a beta of 0.60. The business has a fifty day moving average of $33.83 and a 200-day moving average of $32.78. 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 posted its quarterly earnings data on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. The business had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. As a group, analysts predict that Southside Bancshares will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a $0.37 dividend. This is an increase from Southside Bancshares's previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Thursday, August 20th. Southside Bancshares's dividend payout ratio (DPR) is presently 56.69%.

About Southside Bancshares

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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