Keefe, Bruyette & Woods Issues Positive Forecast for Southside Bancshares (NASDAQ:SBSI) Stock Price

Southside Bancshares (NASDAQ:SBSI) had its price target boosted by equities researchers at Keefe, Bruyette & Woods from $31.00 to $35.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 4.82% from the company’s current price.

Separately, Hovde Group lifted their price target on Southside Bancshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Monday. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.00.

Southside Bancshares Trading Up 3.7%

Shares of SBSI traded up $1.20 during trading on Monday, reaching $33.39. 36,882 shares of the company traded hands, compared to its average volume of 111,884. The stock has a 50-day simple moving average of $31.33 and a 200-day simple moving average of $30.03. The stock has a market cap of $1.00 billion, a PE ratio of 11.47 and a beta of 0.64. Southside Bancshares has a twelve month low of $25.85 and a twelve month high of $33.96. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.18.

Insider Activity at Southside Bancshares

In other Southside Bancshares news, Director Herbert C. Buie bought 1,807 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was purchased at an average cost of $30.68 per share, for a total transaction of $55,438.76. Following the completion of the purchase, the director owned 389,288 shares of the company’s stock, valued at $11,943,355.84. This trade represents a 0.47% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Southside Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue raised its position in shares of Southside Bancshares by 7.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 16,923 shares of the bank’s stock worth $497,000 after buying an additional 1,137 shares during the period. American Century Companies Inc. raised its stake in shares of Southside Bancshares by 14.8% in the 2nd quarter. American Century Companies Inc. now owns 352,786 shares of the bank’s stock valued at $10,382,000 after acquiring an additional 45,598 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of Southside Bancshares by 2,858.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,012 shares of the bank’s stock valued at $59,000 after acquiring an additional 1,944 shares in the last quarter. Campbell & CO Investment Adviser LLC boosted its position in Southside Bancshares by 82.6% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 21,993 shares of the bank’s stock worth $647,000 after purchasing an additional 9,946 shares during the period. Finally, Pinnacle Associates Ltd. acquired a new stake in Southside Bancshares in the 2nd quarter valued at $789,000. 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.