60,698 Shares in Southside Bancshares, Inc. $SBSI Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new position in shares of Southside Bancshares, Inc. (NYSE:SBSI) during the 2nd quarter, HoldingsChannel reports. The firm bought 60,698 shares of the company’s stock, valued at approximately $2,134,000.

Other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Southside Bancshares in the 2nd quarter valued at about $310,000. Sanctuary Advisors LLC purchased a new position in Southside Bancshares during the second quarter valued at approximately $210,000. Quantbot Technologies LP purchased a new position in Southside Bancshares during the second quarter valued at approximately $348,000. Ieq Capital LLC bought a new position in Southside Bancshares in the second quarter worth approximately $705,000. Finally, BlackRock Inc. bought a new position in Southside Bancshares in the second quarter worth approximately $150,305,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SBSI. Zacks Research downgraded Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Piper Sandler decreased their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Keefe, Bruyette & Woods cut their target price on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. Finally, Stephens set a $37.00 price target on shares of Southside Bancshares in a research report on Monday, July 27th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Southside Bancshares has an average rating of “Hold” and a consensus target price of $34.75.

Southside Bancshares Stock Performance

Shares of SBSI opened at $32.81 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 firm has a market cap of $978.07 million, a PE ratio of 12.92 and a beta of 0.58. Southside Bancshares, Inc. has a 12 month low of $26.32 and a 12 month high of $36.20. The stock has a fifty day moving average price of $33.26 and a 200-day moving average price of $32.68.

Southside Bancshares (NYSE:SBSI) last announced its earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, topping 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 firm had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. Equities research analysts predict that Southside Bancshares, Inc. will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. Southside Bancshares’s payout ratio is presently 58.27%.

Southside Bancshares 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.