Ameriprise Financial Inc. boosted its position in shares of Southside Bancshares Inc. (NASDAQ:SBSI) by 18.2% during the second quarter, Holdings Channel reports. The fund owned 132,164 shares of the company’s stock after buying an additional 20,351 shares during the period. Ameriprise Financial Inc. owned about 0.50% of Southside Bancshares worth $4,087,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Aperio Group LLC purchased a new stake in shares of Southside Bancshares during the first quarter worth approximately $343,000. Virginia Retirement System purchased a new stake in shares of Southside Bancshares during the first quarter worth approximately $267,000. TIAA CREF Investment Management LLC raised its stake in shares of Southside Bancshares by 9.2% in the first quarter. TIAA CREF Investment Management LLC now owns 100,342 shares of the company’s stock worth $2,616,000 after buying an additional 8,425 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Southside Bancshares by 2.9% in the first quarter. Prudential Financial Inc. now owns 56,803 shares of the company’s stock worth $1,481,000 after buying an additional 1,600 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Southside Bancshares by 19.6% in the first quarter. BlackRock Group LTD now owns 30,776 shares of the company’s stock worth $802,000 after buying an additional 5,054 shares during the last quarter. 43.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Southside Bancshares Inc. (NASDAQ:SBSI) traded up 0.06% during trading on Wednesday, hitting $32.25. The stock had a trading volume of 2,439 shares. Southside Bancshares Inc. has a 52 week low of $19.54 and a 52 week high of $33.62. The firm has a 50-day moving average price of $32.27 and a 200 day moving average price of $30.53. The company has a market capitalization of $846.59 million, a PE ratio of 17.75 and a beta of 0.69.
Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Friday, July 29th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.50 by $0.07. Southside Bancshares had a return on equity of 10.62% and a net margin of 24.04%. Equities analysts anticipate that Southside Bancshares Inc. will post $2.01 earnings per share for the current year.
A number of analysts have recently commented on SBSI shares. Keefe, Bruyette & Woods lifted their price target on Southside Bancshares from $29.00 to $32.00 and gave the company a “market perform” rating in a research note on Monday, August 1st. Zacks Investment Research downgraded Southside Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, August 25th.
In other Southside Bancshares news, insider Tim Carter sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $31.21, for a total value of $62,420.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.30% of the stock is owned by company insiders.
Southside Bancshares Company Profile
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. The Company operates through approximately 60 banking centers, over 20 of which are located in grocery stores, and 25 motor bank facilities.
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