Piper Jaffray Companies Comments on Southside Bancshares, Inc.’s FY2018 Earnings (SBSI)

Southside Bancshares, Inc. (NASDAQ:SBSI) – Stock analysts at Piper Jaffray Companies dropped their FY2018 earnings per share (EPS) estimates for Southside Bancshares in a research report issued on Sunday, October 28th. Piper Jaffray Companies analyst B. Rabatin now anticipates that the bank will post earnings per share of $2.17 for the year, down from their prior estimate of $2.25. Piper Jaffray Companies also issued estimates for Southside Bancshares’ Q4 2018 earnings at $0.56 EPS, Q1 2019 earnings at $0.54 EPS, Q2 2019 earnings at $0.55 EPS, Q3 2019 earnings at $0.58 EPS, Q4 2019 earnings at $0.60 EPS, FY2019 earnings at $2.27 EPS, Q1 2020 earnings at $0.57 EPS, Q2 2020 earnings at $0.59 EPS, Q3 2020 earnings at $0.61 EPS and FY2020 earnings at $2.41 EPS.

Several other research firms have also commented on SBSI. Zacks Investment Research upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. BidaskClub lowered shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $37.00 price objective on shares of Southside Bancshares in a research note on Friday, July 27th.

NASDAQ SBSI opened at $31.38 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $1.08 billion, a P/E ratio of 16.60 and a beta of 0.76. Southside Bancshares has a 52 week low of $29.28 and a 52 week high of $37.54.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings data on Friday, October 26th. The bank reported $0.58 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.03). The firm had revenue of $54.82 million for the quarter, compared to the consensus estimate of $56.10 million. Southside Bancshares had a return on equity of 9.25% and a net margin of 25.71%.

A number of large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its position in Southside Bancshares by 18.7% during the 3rd quarter. Arizona State Retirement System now owns 47,847 shares of the bank’s stock worth $1,665,000 after purchasing an additional 7,540 shares during the last quarter. First Trust Advisors LP grew its position in Southside Bancshares by 29.9% during the 3rd quarter. First Trust Advisors LP now owns 82,570 shares of the bank’s stock worth $2,873,000 after purchasing an additional 18,995 shares during the last quarter. Handelsbanken Fonder AB grew its position in Southside Bancshares by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 600,000 shares of the bank’s stock worth $20,880,000 after purchasing an additional 30,000 shares during the last quarter. Texas Permanent School Fund grew its position in Southside Bancshares by 16.1% during the 3rd quarter. Texas Permanent School Fund now owns 20,753 shares of the bank’s stock worth $722,000 after purchasing an additional 2,879 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in Southside Bancshares by 17.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 14,570 shares of the bank’s stock worth $507,000 after purchasing an additional 2,200 shares during the last quarter. 47.05% of the stock is currently owned by institutional investors.

In related news, insider Timothy F. Alexander sold 16,007 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $35.36, for a total transaction of $566,007.52. Following the completion of the transaction, the insider now owns 11,780 shares in the company, valued at approximately $416,540.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Brian K. Mccabe sold 1,670 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $36.81, for a total transaction of $61,472.70. Following the transaction, the chief operating officer now owns 17,706 shares of the company’s stock, valued at approximately $651,757.86. The disclosure for this sale can be found here. Insiders own 6.10% 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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Earnings History and Estimates for Southside Bancshares (NASDAQ:SBSI)

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