Southside Bancshares (NYSE:SBSI) Hits New 1-Year High After Better-Than-Expected Earnings

Key Points

• Southside Bancshares stock hit a new 52-week high of $34.53 after reporting Q1 EPS of $0.78, beating the $0.76 consensus, while revenue came in at $70.29M versus $70.92M expected.
• The company pays a quarterly dividend of $0.36 ($1.44 annualized), implying a 4.2% yield and a payout ratio of about 62.9%.
• Analysts maintain a consensus Hold rating with a $35 price target, and institutional investors own roughly 55.7% of the shares, with major funds like Vanguard and Goldman increasing positions.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $34.53 and last traded at $34.3510, with a volume of 90031 shares changing hands. The stock had previously closed at $33.03.

The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The business had revenue of $70.29 million for the quarter, compared to analyst estimates of $70.92 million. Southside Bancshares had a net margin of 15.61% and a return on equity of 10.72%.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Thursday, February 19th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Thursday, February 19th. Southside Bancshares's dividend payout ratio is presently 62.88%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SBSI. Keefe, Bruyette & Woods increased their price objective on shares of Southside Bancshares from $31.00 to $35.00 and gave the stock a "market perform" rating in a report on Monday, February 2nd. Wall Street Zen raised shares of Southside Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Hovde Group increased their target price on shares of Southside Bancshares from $32.00 to $34.00 and gave the stock a "market perform" rating in a research report on Monday, February 2nd. Piper Sandler assumed coverage on shares of Southside Bancshares in a research report on Wednesday, April 15th. They set a "neutral" rating and a $35.00 target price for the company. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Southside Bancshares in a research report on Friday, March 27th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $35.00.

Institutional Trading of Southside Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Southside Bancshares by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company's stock worth $61,751,000 after purchasing an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Southside Bancshares by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,382,523 shares of the company's stock valued at $39,056,000 after acquiring an additional 5,237 shares in the last quarter. State Street Corp grew its position in Southside Bancshares by 0.6% in the fourth quarter. State Street Corp now owns 1,308,609 shares of the company's stock valued at $39,769,000 after acquiring an additional 7,706 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Southside Bancshares by 10.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company's stock valued at $12,335,000 after acquiring an additional 37,253 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Southside Bancshares by 11.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 351,713 shares of the company's stock valued at $10,689,000 after acquiring an additional 36,675 shares in the last quarter. Institutional investors and hedge funds own 55.70% of the company's stock.

Southside Bancshares Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 0.73 and a quick ratio of 0.73. The company's 50-day simple moving average is $31.65 and its 200-day simple moving average is $30.98. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 15.00 and a beta of 0.59.

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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