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

Shares of Southside Bancshares, Inc. (NYSE:SBSI) have been assigned an average recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $34.75.

Several research analysts recently commented on SBSI shares. Weiss Ratings downgraded Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Zacks Research upgraded Southside Bancshares from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. 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 note on Monday, July 27th. Benchmark assumed coverage on shares of Southside Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Stephens set a $37.00 target price on shares of Southside Bancshares in a report on Monday, July 27th.

Southside Bancshares Stock Performance

NYSE SBSI opened at $30.22 on Wednesday. The stock has a market capitalization of $900.86 million, a price-to-earnings ratio of 11.90 and a beta of 0.61. The stock has a 50-day moving average of $31.75 and a 200 day moving average of $32.69. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71. Southside Bancshares has a twelve month low of $26.32 and a twelve month high of $36.20.

Southside Bancshares (NYSE:SBSI) last issued its quarterly earnings results on Friday, July 24th. The company reported $0.90 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 during the quarter, compared to analyst estimates of $75.00 million. Sell-side analysts anticipate that Southside Bancshares will post 3.27 EPS for the current fiscal year.

Southside Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a dividend of $0.37 per share. The ex-dividend date was Thursday, August 20th. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. Southside Bancshares’s dividend payout ratio (DPR) is presently 58.27%.

Institutional Trading of Southside Bancshares

Several large investors have recently bought and sold shares of the business. Quantinno Capital Management LP grew its position 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. Bank of America Corp DE purchased a new position in Southside Bancshares during the second quarter worth approximately $4,545,000. Bank of New York Mellon Corp purchased a new position in Southside Bancshares during the second quarter worth approximately $9,213,000. Legal & General Group Plc purchased a new position in Southside Bancshares during the second quarter worth approximately $2,134,000. Finally, Sei Investments Co. acquired a new position in Southside Bancshares during the first quarter worth $640,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

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 and institutions.

Southside Bank offers consumer and commercial deposit accounts, mortgage and other lending products, treasury management, online and mobile banking, and wealth management services. Its lending activities include commercial real estate, commercial and industrial, residential real estate, and consumer loans.

Founded in 1960, Southside Bank serves communities across Texas through its branch network and digital banking channels.