Southside Bancshares (NYSE:SBSI) Rating Lowered to Strong Sell at Zacks Research

Southside Bancshares (NYSE:SBSI - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also issued reports on the stock. Benchmark started coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Weiss Ratings upgraded Southside Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday. Stephens set a $37.00 price objective on Southside Bancshares in a research report on Monday. Finally, Piper Sandler dropped their target price on Southside Bancshares from $37.00 to $33.00 and set a "neutral" rating on the stock in a research note on Monday. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $34.75.

Southside Bancshares Stock Performance

SBSI stock opened at $32.34 on Tuesday. Southside Bancshares has a one year low of $26.32 and a one year high of $36.20. The firm has a market cap of $964.06 million, a price-to-earnings ratio of 12.73 and a beta of 0.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.86 and a current ratio of 0.74. The firm has a 50-day simple moving average of $33.88 and a two-hundred day simple moving average of $32.75.

Southside Bancshares (NYSE:SBSI - Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The firm had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. On average, equities analysts forecast that Southside Bancshares will post 3.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SBSI. Millennium Management LLC lifted its stake in shares of Southside Bancshares by 388.2% during the third quarter. Millennium Management LLC now owns 251,429 shares of the company's stock worth $7,103,000 after buying an additional 199,930 shares during the period. Empowered Funds LLC increased its position in shares of Southside Bancshares by 224.9% in the 1st quarter. Empowered Funds LLC now owns 100,298 shares of the company's stock valued at $3,118,000 after acquiring an additional 69,431 shares during the period. Jane Street Group LLC purchased a new position in Southside Bancshares in the 1st quarter worth $1,520,000. Mackenzie Financial Corp purchased a new position in Southside Bancshares in the 3rd quarter worth $1,339,000. Finally, Invesco Ltd. lifted its position in Southside Bancshares by 16.9% during the 2nd quarter. Invesco Ltd. now owns 290,213 shares of the company's stock worth $8,541,000 after acquiring an additional 42,057 shares during the period. Institutional investors and hedge funds own 55.70% of the company's stock.

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.

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