John Mitchell Jr. Craddock Sells 415 Shares of Southside Bancshares (NYSE:SBSI) Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Craddock, Jr. sold 415 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $32.01, for a total transaction of $13,284.15. Following the sale, the chief operating officer directly owned 4,378 shares in the company, valued at $140,139.78. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Southside Bancshares Stock Performance

Shares of SBSI stock opened at $32.13 on Friday. The firm has a market capitalization of $957.83 million, a price-to-earnings ratio of 12.65 and a beta of 0.58. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.74 and a quick ratio of 0.74. The business has a fifty day moving average of $32.98 and a 200 day moving average of $32.66. Southside Bancshares, Inc. has a 1 year low of $26.32 and a 1 year high of $36.20.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. The business had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%. As a group, research analysts expect that Southside Bancshares, Inc. will post 3.24 earnings per share for the current year.

Southside Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.6%. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, August 20th. Southside Bancshares’s dividend payout ratio is presently 58.27%.

Institutional Investors Weigh In On Southside Bancshares

Several hedge funds have recently bought and sold shares of SBSI. BlackRock Inc. purchased a new stake in Southside Bancshares during the second quarter worth $150,305,000. California State Teachers Retirement System increased its holdings in Southside Bancshares by 3,466.7% in the second quarter. California State Teachers Retirement System now owns 939,080 shares of the company’s stock valued at $33,046,000 after buying an additional 912,751 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Southside Bancshares in the second quarter worth about $9,213,000. Millennium Management LLC raised its position in shares of Southside Bancshares by 388.2% in the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock worth $7,103,000 after acquiring an additional 199,930 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of Southside Bancshares during the 2nd quarter worth about $4,545,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on SBSI. Piper Sandler reduced their price target on shares of 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 dropped their price objective on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. Weiss Ratings upgraded shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. Zacks Research cut shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Benchmark initiated coverage on shares of Southside Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Southside Bancshares has an average rating of “Hold” and an average target price of $34.75.

Southside Bancshares Company Profile

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.