Southside Bancshares (NYSE:SBSI) Shares Gap Down – Here’s What Happened

Southside Bancshares, Inc. (NYSE:SBSI) 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 changing hands.

Wall Street Analysts Forecast Growth

SBSI has been the topic of several analyst reports. Weiss Ratings upgraded Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Benchmark started coverage on Southside Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Piper Sandler set a $33.00 price objective on Southside Bancshares in a report on Monday. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Southside Bancshares has a consensus rating of “Hold” and a consensus price target of $34.50.

Southside Bancshares Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.84. The firm has a market capitalization of $965.39 million, a price-to-earnings ratio of 12.81 and a beta of 0.58. The company’s 50 day moving average is $33.87 and its 200-day moving average is $32.72.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates 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. Equities research analysts anticipate that Southside Bancshares, Inc. will post 3.43 earnings per share for the current year.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s payout ratio is currently 61.02%.

Institutional Trading of Southside Bancshares

A number of hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after buying an additional 867 shares during the period. Kestra Advisory Services LLC bought a new position in Southside Bancshares in the 4th quarter valued at about $45,000. CIBC Private Wealth Group LLC bought a new position in Southside Bancshares in the 3rd quarter valued at about $45,000. GAMMA Investing LLC lifted its position in Southside Bancshares by 26.6% during the fourth quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock worth $55,000 after acquiring an additional 380 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Southside Bancshares by 927.6% during the third quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock worth $80,000 after acquiring 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.