Southside Bancshares (NYSE:SBSI) Raised to Hold at Piper Sandler

Key Points

• Piper Sandler upgraded Southside Bancshares to a Hold, and the stock carries an overall consensus rating of Hold with a consensus price target of $35 as several brokers raised targets into the $34–$35 range.
• Shares trade near $32.72 (12‑month range $26.32–$34.37) with a market cap of about $973M and a P/E of 14.29; the company missed quarterly EPS at $0.70 vs. $0.80 expected while reporting $71.99M in revenue, a 15.61% net margin and 10.72% ROE.

Southside Bancshares (NYSE:SBSI - Get Free Report) was upgraded by equities research analysts at Piper Sandler to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

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

Southside Bancshares Trading Down 1.0%

Shares of SBSI opened at $32.72 on Wednesday. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $34.37. 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 $973.21 million, a price-to-earnings ratio of 14.29 and a beta of 0.59. The stock's 50-day moving average price is $31.71 and its 200 day moving average price is $30.62.

Southside Bancshares (NYSE:SBSI - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.10). Southside Bancshares had a net margin of 15.61% and a return on equity of 10.72%. The firm had revenue of $71.99 million for the quarter.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Southside Bancshares by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company's stock valued at $61,751,000 after purchasing an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Southside Bancshares by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,382,523 shares of the company's stock valued at $39,056,000 after purchasing an additional 5,237 shares in the last quarter. State Street Corp boosted its holdings in Southside Bancshares by 0.6% during the fourth quarter. State Street Corp now owns 1,308,609 shares of the company's stock valued at $39,769,000 after purchasing an additional 7,706 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Southside Bancshares by 10.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company's stock valued at $12,335,000 after purchasing an additional 37,253 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Southside Bancshares by 11.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 351,713 shares of the company's stock valued at $10,689,000 after purchasing an additional 36,675 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 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.