Southside Bancshares (NYSE:SBSI) Upgraded to Hold at Zacks Research

Southside Bancshares (NYSE:SBSI) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

A number of other analysts have also recently weighed in on SBSI. Benchmark began coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. Piper Sandler cut their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Keefe, Bruyette & Woods cut their price objective on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Southside Bancshares has a consensus rating of “Hold” and an average price target of $34.75.

Southside Bancshares Price Performance

Shares of NYSE SBSI opened at $31.16 on Thursday. Southside Bancshares has a twelve month low of $26.32 and a twelve month high of $36.20. 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 50-day moving average of $32.35 and a two-hundred day moving average of $32.65. The company has a market capitalization of $929.00 million, a price-to-earnings ratio of 12.27 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The company had revenue of $71.34 million for the quarter, compared to analysts’ expectations of $75.00 million. As a group, analysts expect that Southside Bancshares will post 3.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SBSI. Quantinno Capital Management LP lifted its holdings in shares of Southside Bancshares by 75.6% in the first quarter. Quantinno Capital Management LP now owns 37,875 shares of the company’s stock valued at $1,178,000 after purchasing an additional 16,306 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Southside Bancshares in the second quarter worth $1,106,000. Sei Investments Co. purchased a new position in shares of Southside Bancshares during the first quarter valued at $640,000. Legal & General Group Plc purchased a new position in shares of Southside Bancshares during the second quarter valued at $2,134,000. Finally, Pingora Partners LLC acquired a new position in Southside Bancshares during the second quarter valued at $2,054,000. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

About Southside Bancshares

Southside Bancshares, Inc is a Texas-based bank holding company headquartered in Tyler, Texas. Its principal subsidiary, Southside Bank, provides banking and financial services to individuals, businesses, municipalities and other organizations.

Southside Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit, along with commercial, real estate, residential mortgage and consumer lending. The bank also provides treasury management, online and mobile banking, wealth management, trust and investment services, and other financial solutions.

Founded in 1960, Southside Bank serves communities primarily across East, North and Central Texas through banking locations and digital channels.