Southside Bancshares (NASDAQ:SBSI) Hits New 12-Month High – Should You Buy?

Southside Bancshares, Inc. (NASDAQ:SBSI)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $33.30 and last traded at $33.2550, with a volume of 24314 shares trading hands. The stock had previously closed at $31.84.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods decreased their price objective on shares of Southside Bancshares from $32.00 to $31.00 and set a “market perform” rating for the company in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.50.

Southside Bancshares Stock Up 5.1%

The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 11.50 and a beta of 0.64. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.18. The firm’s 50 day simple moving average is $30.70 and its 200-day simple moving average is $29.93.

Southside Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Thursday, November 20th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Thursday, November 20th. Southside Bancshares’s payout ratio is currently 62.61%.

Insider Transactions at Southside Bancshares

In related news, Director Herbert C. Buie acquired 1,807 shares of Southside Bancshares stock in a transaction that occurred on Thursday, December 4th. The stock was purchased at an average price of $30.68 per share, for a total transaction of $55,438.76. Following the completion of the purchase, the director directly owned 389,288 shares of the company’s stock, valued at approximately $11,943,355.84. This trade represents a 0.47% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Trading of Southside Bancshares

Several large investors have recently bought and sold shares of SBSI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Southside Bancshares by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the bank’s stock worth $494,000 after purchasing an additional 701 shares in the last quarter. Empowered Funds LLC lifted its holdings in Southside Bancshares by 5.4% in the 1st quarter. Empowered Funds LLC now owns 82,211 shares of the bank’s stock valued at $2,381,000 after purchasing an additional 4,198 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Southside Bancshares by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,377 shares of the bank’s stock worth $2,038,000 after purchasing an additional 6,459 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Southside Bancshares during the first quarter worth about $1,520,000. Finally, Voya Investment Management LLC boosted its position in Southside Bancshares by 44.5% during the first quarter. Voya Investment Management LLC now owns 46,004 shares of the bank’s stock worth $1,332,000 after acquiring an additional 14,164 shares during the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company Profile

Southside Bancshares, Inc is a bank holding company headquartered in Tyler, Texas, and operates through its principal subsidiary, Southside Bank. The company provides a full suite of commercial and retail banking services, including deposit accounts, commercial and consumer loans, mortgage lending, and digital banking solutions designed to meet the needs of individuals, small businesses, and mid-market companies.

Southside Bank’s commercial banking division offers lending and treasury management services to support business growth and operational efficiency.