Southside Bancshares, Inc. (NYSE:SBSI) Stock Has Consensus Target Price of $34.75 According to Analysts

Southside Bancshares, Inc. (NYSE:SBSI) has earned an average recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $34.75.

SBSI has been the subject of a number of research reports. Wall Street Zen upgraded Southside Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Piper Sandler lowered their target price on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. Zacks Research raised shares of Southside Bancshares from a “hold” rating to a “strong-buy” rating in a report on Friday, October 30th. Stephens set a $37.00 price target on shares of Southside Bancshares in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Southside Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 30th.

Insider Buying and Selling

In other news, CAO April Pinkley sold 6,724 shares of the company’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $36.00, for a total value of $242,064.00. Following the completion of the sale, the chief accounting officer directly owned 4,393 shares of the company’s stock, valued at approximately $158,148. This represents a 60.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.10% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC purchased a new stake in Southside Bancshares during the 3rd quarter valued at approximately $30,000. Public Employees Retirement System of Ohio purchased a new position in shares of Southside Bancshares in the 2nd quarter valued at approximately $62,000. Integrated Wealth Concepts LLC purchased a new position in shares of Southside Bancshares in the 2nd quarter valued at approximately $77,000. Nisa Investment Advisors LLC grew its stake in shares of Southside Bancshares by 14.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,723 shares of the company’s stock valued at $82,000 after purchasing an additional 341 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Southside Bancshares by 55.4% in the third quarter. Farther Finance Advisors LLC now owns 3,004 shares of the company’s stock valued at $90,000 after purchasing an additional 1,071 shares during the period. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Southside Bancshares Stock Down 0.9%

SBSI opened at $34.05 on Friday. Southside Bancshares has a one year low of $28.04 and a one year high of $36.35. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $1.01 billion, a P/E ratio of 10.29 and a beta of 0.57. The business’s 50-day simple moving average is $31.67 and its 200-day simple moving average is $32.46.

Southside Bancshares (NYSE:SBSI) last announced its earnings results on Thursday, October 29th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.14. The firm had revenue of $76.14 million during the quarter, compared to analysts’ expectations of $72.67 million. Southside Bancshares had a return on equity of 11.58% and a net margin of 21.48%. Analysts anticipate that Southside Bancshares will post 3.45 EPS for the current year.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Wednesday, November 25th will be paid a $0.37 dividend. The ex-dividend date is Wednesday, November 25th. This represents a $1.48 dividend on an annualized basis and a yield of 4.3%. Southside Bancshares’s payout ratio is currently 44.71%.

About Southside Bancshares

Southside Bancshares, Inc is a Texas-based financial holding company and the parent company of Southside Bank. Founded in 1960 and headquartered in Tyler, Texas, the company provides banking and financial services to individuals, businesses, and institutions.

Southside Bank offers a range of deposit products, including checking, savings, money market, and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction financing, commercial and industrial loans, consumer loans, and other forms of business credit.

The bank also provides treasury management, online and mobile banking, wealth management, trust and fiduciary services, and other financial solutions.