Bank of America Corp DE raised its stake in Southside Bancshares, Inc. (NASDAQ:SBSI) by 70.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 46,138 shares of the bank’s stock after buying an additional 19,051 shares during the period. Bank of America Corp DE owned about 0.16% of Southside Bancshares worth $1,549,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of SBSI. BlackRock Inc. boosted its stake in shares of Southside Bancshares by 52,413.5% in the first quarter. BlackRock Inc. now owns 3,333,035 shares of the bank’s stock valued at $111,890,000 after buying an additional 3,326,688 shares during the period. Vanguard Group Inc. boosted its stake in shares of Southside Bancshares by 26.7% in the first quarter. Vanguard Group Inc. now owns 1,627,636 shares of the bank’s stock valued at $54,640,000 after buying an additional 343,015 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Southside Bancshares by 14.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,216,343 shares of the bank’s stock valued at $40,833,000 after buying an additional 153,221 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Southside Bancshares by 3.0% in the first quarter. Renaissance Technologies LLC now owns 849,372 shares of the bank’s stock valued at $28,513,000 after buying an additional 24,800 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Southside Bancshares by 31.2% in the first quarter. Bank of New York Mellon Corp now owns 544,342 shares of the bank’s stock valued at $18,273,000 after buying an additional 129,337 shares during the period. 50.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Southside Bancshares, Inc. (NASDAQ:SBSI) traded up 0.6630% during midday trading on Wednesday, reaching $33.3698. 5,175 shares of the company’s stock traded hands. The stock has a 50 day moving average of $34.70 and a 200-day moving average of $33.80. Southside Bancshares, Inc. has a 12 month low of $30.04 and a 12 month high of $38.08. The stock has a market cap of $979.17 million, a P/E ratio of 17.5723 and a beta of 0.78.
Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Friday, July 28th. The bank reported $0.49 EPS for the quarter, missing the consensus estimate of $0.53 by $0.04. The company had revenue of $44.72 million during the quarter, compared to the consensus estimate of $50.40 million. Southside Bancshares had a return on equity of 10.42% and a net margin of 25.30%. On average, equities research analysts forecast that Southside Bancshares, Inc. will post $2.07 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be given a $0.28 dividend. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, August 15th. This represents a $1.12 annualized dividend and a yield of 3.38%. Southside Bancshares’s payout ratio is currently 57.52%.
Several equities research analysts have commented on SBSI shares. BidaskClub cut shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Zacks Investment Research raised shares of Southside Bancshares from a “hold” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, May 9th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $38.00 price target on shares of Southside Bancshares in a research report on Friday, April 28th.
In other Southside Bancshares news, Director Alton Cade, Jr. sold 2,950 shares of Southside Bancshares stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $35.31, for a total value of $104,164.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tim Carter sold 7,000 shares of Southside Bancshares stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $33.95, for a total transaction of $237,650.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,950 shares of company stock worth $515,615. Insiders own 17.20% of the company’s stock.
About Southside Bancshares
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services.
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