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State of Tennessee Treasury Department decreased its position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 44.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,092 shares of the bank’s stock after selling 8,913 shares during the quarter. State of Tennessee Treasury Department’s holdings in Southside Bancshares were worth $427,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBSI. Rafferty Asset Management LLC acquired a new position in Southside Bancshares during the 1st quarter worth about $599,000. BlackRock Inc. lifted its holdings in Southside Bancshares by 0.5% during the 1st quarter. BlackRock Inc. now owns 4,846,329 shares of the bank’s stock worth $186,631,000 after buying an additional 22,277 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Southside Bancshares by 131.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 15,943 shares of the bank’s stock worth $614,000 after buying an additional 9,053 shares during the period. Alps Advisors Inc. acquired a new position in Southside Bancshares during the 1st quarter worth about $332,000. Finally, Swiss National Bank lifted its holdings in Southside Bancshares by 1.3% during the 1st quarter. Swiss National Bank now owns 71,818 shares of the bank’s stock worth $2,766,000 after buying an additional 900 shares during the period. 50.81% of the stock is currently owned by institutional investors.
In other news, COO Brian K. Mccabe sold 2,681 shares of the business’s stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $43.15, for a total value of $115,685.15. 5.30% of the stock is owned by insiders.
SBSI stock opened at $42.26 on Wednesday. The stock has a 50-day simple moving average of $41.20. Southside Bancshares, Inc. has a 1-year low of $23.51 and a 1-year high of $43.69. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 12.43 and a beta of 0.60.
Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings results on Thursday, April 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.35. The business had revenue of $62.87 million during the quarter, compared to the consensus estimate of $59.85 million. Southside Bancshares had a return on equity of 13.32% and a net margin of 41.21%. During the same quarter in the previous year, the business earned $0.12 EPS. On average, equities analysts forecast that Southside Bancshares, Inc. will post 2.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 3rd. Shareholders of record on Thursday, May 20th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, May 19th. This represents a $1.32 dividend on an annualized basis and a yield of 3.12%. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.32. Southside Bancshares’s payout ratio is 53.01%.
Separately, Zacks Investment Research raised Southside Bancshares from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Friday, April 2nd.
Southside Bancshares Profile
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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