Southside Bancshares (NYSE:SBSI) CAO April Pinkley Sells 6,724 Shares of Stock

Southside Bancshares, Inc. (NYSE:SBSI) CAO April Pinkley sold 6,724 shares of Southside Bancshares stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $36.00, for a total transaction of $242,064.00. Following the completion of the transaction, the chief accounting officer owned 4,393 shares of the company’s stock, valued at $158,148. The trade was a 60.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Southside Bancshares Stock Performance

Shares of NYSE SBSI traded down $0.31 during midday trading on Friday, hitting $34.05. The company’s stock had a trading volume of 184,016 shares, compared to its average volume of 152,053. The stock has a fifty day moving average price of $31.67 and a 200 day moving average price of $32.46. Southside Bancshares, Inc. has a one year low of $28.04 and a one year high of $36.35. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.29 and a beta of 0.57.

Southside Bancshares (NYSE:SBSI) last issued 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 business had revenue of $76.14 million for the quarter, compared to analysts’ expectations of $72.67 million. Southside Bancshares had a net margin of 21.48% and a return on equity of 11.58%. On average, research analysts forecast that Southside Bancshares, Inc. will post 3.45 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

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

Institutional Investors Weigh In On Southside Bancshares

Several institutional investors have recently bought and sold shares of SBSI. BlackRock Inc. purchased a new position in Southside Bancshares in the 2nd quarter worth approximately $150,305,000. Dimensional Fund Advisors LP boosted its stake in shares of Southside Bancshares by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock valued at $43,051,000 after purchasing an additional 7,496 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Southside Bancshares in the second quarter worth approximately $9,213,000. Bank of America Corp DE bought a new position in shares of Southside Bancshares in the second quarter worth approximately $4,545,000. Finally, Principal Financial Group Inc. increased its stake in shares of Southside Bancshares by 0.8% in the first quarter. Principal Financial Group Inc. now owns 135,842 shares of the company’s stock worth $4,223,000 after buying an additional 1,119 shares during the period. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Piper Sandler dropped their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Zacks Research raised shares of Southside Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 30th. Stephens set a $37.00 price target on Southside Bancshares in a report on Monday, July 27th. Weiss Ratings raised shares of Southside Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 30th. Finally, Wall Street Zen upgraded shares of Southside Bancshares from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.75.

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.