Southside Bancshares (NYSE:SBSI) Announces Quarterly Earnings Results

Key Points

• Southside Bancshares reported quarterly EPS of $0.90, beating analysts’ consensus estimate of $0.86 by $0.04.
• The stock rose 1.4% on the news, trading at $34.57, near its 12-month high of $36.20.
• The company also paid a quarterly dividend of $0.36 per share, equal to an annualized yield of 4.2%.

Southside Bancshares (NYSE:SBSI - Get Free Report) announced its quarterly earnings results on Friday. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04, Zacks reports. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%.

Southside Bancshares Stock Up 1.4%

Shares of SBSI stock traded up $0.48 during mid-day trading on Friday, hitting $34.57. The stock had a trading volume of 36,827 shares, compared to its average volume of 113,227. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.74 and a quick ratio of 0.74. The firm's 50-day moving average is $33.83 and its two-hundred day moving average is $32.70. The firm has a market capitalization of $1.03 billion, a P/E ratio of 14.64 and a beta of 0.58.

Southside Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, May 18th. Southside Bancshares's dividend payout ratio (DPR) is presently 61.02%.

Analysts Set New Price Targets

A number of research firms recently commented on SBSI. Piper Sandler assumed coverage on Southside Bancshares in a research report on Wednesday, April 15th. They issued a "neutral" rating and a $35.00 target price on the stock. Weiss Ratings upgraded Southside Bancshares from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Finally, Benchmark assumed coverage on shares of Southside Bancshares in a research report on Wednesday, June 24th. They issued a "hold" rating on the stock. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Southside Bancshares currently has an average rating of "Hold" and an average target price of $35.00.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently bought and sold shares of the business. State of Tennessee Department of Treasury lifted its position in shares of Southside Bancshares by 53.6% during the fourth quarter. State of Tennessee Department of Treasury now owns 11,319 shares of the company's stock valued at $364,000 after buying an additional 3,950 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Southside Bancshares by 36.5% during the fourth quarter. Mackenzie Financial Corp now owns 64,678 shares of the company's stock worth $1,994,000 after buying an additional 17,288 shares during the period. Empowered Funds LLC lifted its position in Southside Bancshares by 25.5% during the 4th quarter. Empowered Funds LLC now owns 30,867 shares of the company's stock worth $938,000 after acquiring an additional 6,264 shares during the period. Odyssean LLC acquired a new position in shares of Southside Bancshares in the fourth quarter valued at about $411,000. Finally, Bridgeway Capital Management LLC raised its stake in shares of Southside Bancshares by 39.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 61,367 shares of the company's stock worth $1,865,000 after purchasing an additional 17,264 shares during the last quarter. Institutional investors own 55.70% of the company's stock.

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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