Southside Bancshares (NYSE:SBSI) Shares Gap Down - Here's What Happened

Key Points

• Southside Bancshares shares fell 5.1%, opening at $32.95 after closing at $34.21 and later trading near $32.19.
• Analysts maintain a generally cautious outlook: the stock has an average “Hold” rating from six analysts, with a consensus price target of $34.50. Piper Sandler set a $33 target, while Weiss Ratings upgraded the stock to “Buy.”
• The company beat quarterly earnings expectations, reporting $0.90 EPS versus $0.86 expected, but revenue of $71.34 million came in below the $75 million consensus. Southside also offers a $0.36 quarterly dividend, equivalent to a 4.4% annual yield.

Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $34.21, but opened at $32.95. Southside Bancshares shares last traded at $32.19, with a volume of 15,747 shares.

Analysts Set New Price Targets

A number of research firms recently commented on SBSI. Piper Sandler set a $33.00 price objective on Southside Bancshares in a report on Monday. Weiss Ratings upgraded Southside Bancshares from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, May 4th. Finally, Benchmark started coverage on Southside Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Southside Bancshares presently has an average rating of "Hold" and a consensus target price of $34.50.

Southside Bancshares Stock Down 5.1%

The company has a market capitalization of $965.39 million, a P/E ratio of 12.81 and a beta of 0.58. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.84. The firm has a fifty day simple moving average of $33.87 and a 200-day simple moving average of $32.72.

Southside Bancshares (NYSE:SBSI - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The business had revenue of $71.34 million for the quarter, compared to analysts' expectations of $75.00 million. On average, equities research analysts expect that Southside Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $0.36 per share. The ex-dividend date was Monday, May 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.4%. Southside Bancshares's dividend payout ratio (DPR) is presently 61.02%.

Hedge Funds Weigh In On Southside Bancshares

A number of large investors have recently bought and sold shares of SBSI. EverSource Wealth Advisors LLC raised its holdings in shares of Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company's stock valued at $28,000 after purchasing an additional 867 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Southside Bancshares during the fourth quarter worth $45,000. CIBC Private Wealth Group LLC bought a new position in Southside Bancshares in the third quarter valued at $45,000. GAMMA Investing LLC increased its stake in Southside Bancshares by 26.6% in the 4th quarter. GAMMA Investing LLC now owns 1,809 shares of the company's stock valued at $55,000 after buying an additional 380 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Southside Bancshares by 927.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company's stock valued at $80,000 after buying an additional 2,551 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company's stock.

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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