Stephens Reiterates Equal Weight Rating for Southside Bancshares (NASDAQ:SBSI)

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 reissued by stock analysts at Stephens in a research report issued on Friday,Benzinga reports. They presently have a $36.00 price target on the bank's stock. Stephens' price objective points to a potential upside of 22.57% from the stock's previous close.

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

Southside Bancshares Trading Down 0.3%

NASDAQ SBSI traded down $0.08 during trading on Friday, hitting $29.37. The stock had a trading volume of 31,968 shares, compared to its average volume of 117,809. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50 day simple moving average of $30.32 and a 200 day simple moving average of $29.28. Southside Bancshares has a one year low of $25.85 and a one year high of $38.00. The stock has a market capitalization of $883.48 million, a price-to-earnings ratio of 10.09 and a beta of 0.70.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SBSI. D. E. Shaw & Co. Inc. increased its holdings in Southside Bancshares by 13.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 41,831 shares of the bank's stock worth $1,329,000 after acquiring an additional 5,078 shares in the last quarter. Deutsche Bank AG grew its position in shares of Southside Bancshares by 53.9% in the fourth quarter. Deutsche Bank AG now owns 27,043 shares of the bank's stock valued at $859,000 after purchasing an additional 9,466 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Southside Bancshares in the fourth quarter valued at about $103,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Southside Bancshares by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,348 shares of the bank's stock valued at $519,000 after buying an additional 571 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Southside Bancshares by 60.7% in the 4th quarter. Millennium Management LLC now owns 64,003 shares of the bank's stock valued at $2,033,000 after buying an additional 24,172 shares in the last quarter. 55.70% of the stock is owned by institutional investors and hedge funds.

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.