Keefe, Bruyette & Woods Cuts Southside Bancshares (NYSE:SBSI) Price Target to $35.00

Southside Bancshares (NYSE:SBSI) had its price objective decreased by Keefe, Bruyette & Woods from $37.00 to $35.00 in a report issued on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

A number of other brokerages have also recently commented on SBSI. Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Piper Sandler cut their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Stephens set a $37.00 target price on shares of Southside Bancshares in a report on Monday, July 27th. Zacks Research cut shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Finally, Benchmark initiated coverage on shares of Southside Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $34.75.

Southside Bancshares Price Performance

SBSI opened at $32.70 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $974.64 million, a P/E ratio of 12.87 and a beta of 0.60. The stock has a 50-day moving average price of $33.85 and a 200-day moving average price of $32.78. Southside Bancshares has a 12-month low of $26.32 and a 12-month high of $36.20.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings data 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. The company had revenue of $71.34 million for the quarter, compared to analysts’ expectations of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. Equities analysts predict that Southside Bancshares will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of Southside Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Captrust Financial Advisors grew its position in shares of Southside Bancshares by 1.8% in the 4th quarter. Captrust Financial Advisors now owns 36,404 shares of the company’s stock worth $1,106,000 after buying an additional 640 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Southside Bancshares by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock valued at $494,000 after acquiring an additional 701 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Southside Bancshares by 6.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company’s stock valued at $324,000 after acquiring an additional 706 shares in the last quarter. Polaris Capital Management LLC lifted its stake in Southside Bancshares by 1.2% in the fourth quarter. Polaris Capital Management LLC now owns 62,227 shares of the company’s stock worth $1,891,000 after acquiring an additional 727 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after acquiring an additional 867 shares during the period. Institutional investors 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.