Southside Bancshares (NYSE:SBSI) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Q1 EPS beat: Southside Bancshares reported EPS of $0.78, beating the $0.77 consensus by $0.01, while revenue missed at $70.29M versus $71.27M; the company posted a net margin of 15.61% and ROE of 10.72%.
• Dividend yield: The firm paid a $0.36 quarterly dividend (annualized $1.44), yielding 4.4% with a payout ratio of 62.88%.
• Market and analyst snapshot: Shares rose ~1.3% to $33.03 (market cap ~$982M, P/E 14.4), analysts’ consensus is a "Hold" with a $35 average price target and institutional ownership around 55.7%.

Southside Bancshares (NYSE:SBSI - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01, FiscalAI reports. The firm had revenue of $70.29 million for the quarter, compared to analyst estimates of $71.27 million. Southside Bancshares had a net margin of 15.61% and a return on equity of 10.72%.

Southside Bancshares Trading Up 1.3%

NYSE:SBSI traded up $0.43 on Thursday, reaching $33.03. 119,789 shares of the company's stock were exchanged, compared to its average volume of 112,697. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $982.44 million, a price-to-earnings ratio of 14.42 and a beta of 0.59. The business has a fifty day moving average of $31.64 and a 200-day moving average of $30.96. Southside Bancshares has a 52-week low of $26.32 and a 52-week high of $34.37.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Thursday, February 19th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, February 19th. This represents a $1.44 dividend on an annualized basis and a yield of 4.4%. Southside Bancshares's dividend payout ratio is 62.88%.

Institutional Trading of Southside Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State of Tennessee Department of Treasury increased its stake in 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 worth $364,000 after purchasing an additional 3,950 shares during the period. Mackenzie Financial Corp increased 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 increased its stake in shares of Southside Bancshares by 25.5% during the fourth quarter. Empowered Funds LLC now owns 30,867 shares of the company's stock worth $938,000 after buying an additional 6,264 shares during the period. Odyssean LLC purchased a new stake in shares of Southside Bancshares during the fourth quarter worth approximately $411,000. Finally, Bridgeway Capital Management LLC increased its stake in shares of Southside Bancshares by 39.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 61,367 shares of the company's stock worth $1,865,000 after buying an additional 17,264 shares during the period. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on SBSI. Keefe, Bruyette & Woods boosted their price objective on shares of Southside Bancshares from $31.00 to $35.00 and gave the company a "market perform" rating in a report on Monday, February 2nd. Hovde Group boosted their price objective on shares of Southside Bancshares from $32.00 to $34.00 and gave the company a "market perform" rating in a report on Monday, February 2nd. Wall Street Zen upgraded shares of Southside Bancshares from a "sell" rating to a "hold" rating in a report on Sunday, February 8th. Weiss Ratings restated a "hold (c)" rating on shares of Southside Bancshares in a report on Friday, March 27th. Finally, Piper Sandler began coverage on shares of Southside Bancshares in a research note on Wednesday, April 15th. They set a "neutral" rating and a $35.00 price target on the stock. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $35.00.

Southside Bancshares Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.