Southside Bancshares (NASDAQ:SBSI) Earns "Equal Weight" Rating from Stephens

Key Points

• Southside Bancshares received an "equal weight" rating from Stephens, with a price target of $36, indicating a potential upside of 16.40% from its current price.
• Keefe, Bruyette & Woods raised their price target on the stock from $32 to $33, reinforcing a consensus rating of "Hold" with an average target price of $34.50.
• Notable hedge funds significantly increased their stakes in Southside Bancshares, with institutional investors now holding 55.70% of the company's stock.

Southside Bancshares (NASDAQ:SBSI - Get Free Report)'s stock had its "equal weight" rating restated by equities research analysts at Stephens in a report released on Friday,Benzinga reports. They currently have a $36.00 price objective on the bank's stock. Stephens' price objective suggests a potential upside of 19.39% from the company's previous close.

Separately, Keefe, Bruyette & Woods increased their price target on Southside Bancshares from $32.00 to $33.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $34.50.

Southside Bancshares Trading Down 2.5%

SBSI traded down $0.77 during trading on Friday, hitting $30.15. 510,541 shares of the stock were exchanged, compared to its average volume of 117,827. The firm has a 50 day simple moving average of $30.35 and a 200 day simple moving average of $29.28. The firm has a market cap of $907.00 million, a price-to-earnings ratio of 10.36 and a beta of 0.70. Southside Bancshares has a 1 year low of $25.85 and a 1 year high of $38.00. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Southside Bancshares by 0.9% during the second quarter. Geode Capital Management LLC now owns 689,791 shares of the bank's stock worth $20,301,000 after purchasing an additional 5,975 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Southside Bancshares by 14.8% in the second quarter. American Century Companies Inc. now owns 352,786 shares of the bank's stock valued at $10,382,000 after acquiring an additional 45,598 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Southside Bancshares by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 291,402 shares of the bank's stock valued at $8,576,000 after acquiring an additional 4,055 shares in the last quarter. Invesco Ltd. raised its stake in shares of Southside Bancshares by 16.9% in the second quarter. Invesco Ltd. now owns 290,213 shares of the bank's stock valued at $8,541,000 after acquiring an additional 42,057 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Southside Bancshares by 30.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 142,955 shares of the bank's stock valued at $4,207,000 after acquiring an additional 33,443 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors and hedge funds.

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.