Southside Bancshares (NYSE:SBSI) Reaches New 12-Month High - Here's Why

Key Points

• Southside Bancshares (NYSE:SBSI) hit a new 52-week high, trading as high as $35.81 and recently up 3.4% on the day, above its prior close of $34.87.
• Recent analyst activity has been mixed: Piper Sandler and Benchmark both assigned Hold/Neutral views, while Weiss Ratings upgraded the stock to Buy. The consensus rating remains Hold with a $35.00 price target.
• The bank reported better-than-expected Q1 earnings of $0.78 per share versus $0.76 expected and also pays a quarterly dividend of $0.36, equal to a 4.0% yield.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $35.81 and last traded at $35.9310, with a volume of 29779 shares. The stock had previously closed at $34.87.

Analyst Ratings Changes

SBSI has been the subject of a number of recent research reports. Piper Sandler initiated coverage on Southside Bancshares in a report on Wednesday, April 15th. They issued a "neutral" rating and a $35.00 target price for the company. Weiss Ratings raised Southside Bancshares from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. Finally, Benchmark initiated coverage on Southside Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating for the company. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Southside Bancshares presently has a consensus rating of "Hold" and a consensus price target of $35.00.

Southside Bancshares Trading Up 3.4%

The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $1.07 billion, a P/E ratio of 15.27 and a beta of 0.58. The company has a 50-day simple moving average of $33.60 and a 200-day simple moving average of $32.53.

Southside Bancshares (NYSE:SBSI - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The company had revenue of $70.28 million during the quarter, compared to analyst estimates of $70.92 million. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%. On average, sell-side analysts forecast that Southside Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $0.36 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.0%. Southside Bancshares's payout ratio is currently 61.02%.

Institutional Trading of Southside Bancshares

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings 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 buying an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Southside Bancshares by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company's stock valued at $43,051,000 after buying an additional 7,496 shares during the period. State Street Corp raised its position in shares of Southside Bancshares by 0.6% during the fourth quarter. State Street Corp now owns 1,308,609 shares of the company's stock worth $39,769,000 after acquiring an additional 7,706 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 acquiring an additional 37,253 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of 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 acquiring an additional 36,675 shares during the period. 55.70% of the stock is owned by institutional investors.

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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