Zacks Investment Research Downgrades Southside Bancshares (SBSI) to Sell

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Zacks Investment Research cut shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “

Separately, BidaskClub upgraded Southside Bancshares from a sell rating to a hold rating in a report on Tuesday, November 20th.

SBSI stock opened at $34.32 on Tuesday. The firm has a market cap of $1.16 billion, a PE ratio of 16.27 and a beta of 0.78. Southside Bancshares has a twelve month low of $29.28 and a twelve month high of $37.32. The company has a quick ratio of 0.77, a current ratio of 0.76 and a debt-to-equity ratio of 1.20.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings data on Friday, February 1st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.08). The company had revenue of $52.54 million during the quarter, compared to the consensus estimate of $55.50 million. Southside Bancshares had a net margin of 27.47% and a return on equity of 9.94%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 EPS. On average, equities research analysts predict that Southside Bancshares will post 2.27 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 21st were issued a $0.30 dividend. The ex-dividend date was Wednesday, February 20th. This represents a $1.20 dividend on an annualized basis and a yield of 3.50%. Southside Bancshares’s dividend payout ratio is presently 56.87%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its holdings in Southside Bancshares by 43.1% in the fourth quarter. SG Americas Securities LLC now owns 5,475 shares of the bank’s stock valued at $174,000 after purchasing an additional 1,648 shares during the last quarter. Commerce Bank bought a new stake in Southside Bancshares in the third quarter valued at about $204,000. United Services Automobile Association bought a new stake in Southside Bancshares in the fourth quarter valued at about $236,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Southside Bancshares in the third quarter valued at about $274,000. Finally, Virtu Financial LLC bought a new stake in Southside Bancshares in the third quarter valued at about $303,000. Institutional investors and hedge funds own 50.70% of the company’s stock.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.

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