Key Points
- COO John Craddock sold 415 Southside Bancshares shares at an average price of $32.01, reducing his holdings by 8.66% to 4,378 shares.
- Southside Bancshares reported quarterly EPS of $0.90, beating estimates by $0.04, while revenue of $71.34 million fell short of expectations.
- The company raised its quarterly dividend to $0.37 per share, representing an annualized dividend of $1.48 and a 4.6% yield; analysts maintain a consensus “Hold” rating with a $34.75 price target.
Southside Bancshares, Inc. (NYSE:SBSI - Get Free Report) COO John Craddock, Jr. sold 415 shares of the business's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $32.01, for a total transaction of $13,284.15. Following the completion of the sale, the chief operating officer owned 4,378 shares of the company's stock, valued at approximately $140,139.78. This represents a 8.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.
Southside Bancshares Stock Performance
Shares of SBSI stock opened at $32.13 on Friday. The company's 50 day moving average is $32.98 and its 200 day moving average is $32.66. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.71. The firm has a market cap of $957.76 million, a price-to-earnings ratio of 12.65 and a beta of 0.58. Southside Bancshares, Inc. has a 52-week low of $26.32 and a 52-week high of $36.20.
Southside Bancshares (NYSE:SBSI - Get Free Report) last announced its 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. 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 the consensus estimate of $75.00 million. On average, sell-side analysts anticipate that Southside Bancshares, Inc. will post 3.24 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. Shareholders of record on Thursday, August 20th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. This is a boost from Southside Bancshares's previous quarterly dividend of $0.36. Southside Bancshares's payout ratio is 58.27%.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Weiss Ratings raised shares of Southside Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, September 4th. Zacks Research downgraded Southside Bancshares from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Benchmark assumed coverage on Southside Bancshares in a report on Wednesday, June 24th. They set a "hold" rating on the stock. Stephens set a $37.00 price target on Southside Bancshares in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lowered their price objective on Southside Bancshares from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $34.75.
Get Our Latest Research Report on SBSI
Institutional Investors Weigh In On Southside Bancshares
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Southside Bancshares in the 2nd quarter valued at about $150,305,000. California State Teachers Retirement System increased its stake in Southside Bancshares by 3,466.7% during the 2nd quarter. California State Teachers Retirement System now owns 939,080 shares of the company's stock worth $33,046,000 after buying an additional 912,751 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Southside Bancshares during the 2nd quarter worth approximately $9,213,000. Millennium Management LLC raised its holdings in shares of Southside Bancshares by 388.2% during the third quarter. Millennium Management LLC now owns 251,429 shares of the company's stock valued at $7,103,000 after acquiring an additional 199,930 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Southside Bancshares during the second quarter valued at approximately $4,545,000. Institutional investors and hedge funds own 55.70% of the company's stock.
About Southside Bancshares
(
Get Free Report)
Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company's offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.
In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.
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