Southside Bancshares (NASDAQ:SBSI) Upgraded by StockNews.com to “Hold”

Southside Bancshares (NASDAQ:SBSI) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, Hovde Group lifted their price target on shares of Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

Southside Bancshares Trading Up 1.1 %

Southside Bancshares stock traded up $0.35 during trading hours on Monday, hitting $32.85. The stock had a trading volume of 101,802 shares, compared to its average volume of 115,652. The business’s 50 day simple moving average is $33.28 and its 200-day simple moving average is $30.18. Southside Bancshares has a one year low of $25.30 and a one year high of $36.10. The stock has a market cap of $994.37 million, a price-to-earnings ratio of 11.86 and a beta of 0.54. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.26.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. The business had revenue of $113.87 million during the quarter, compared to the consensus estimate of $68.25 million. During the same quarter last year, the business earned $0.60 EPS. On average, equities analysts predict that Southside Bancshares will post 2.96 EPS for the current fiscal year.

Insider Activity at Southside Bancshares

In other Southside Bancshares news, CFO Julie Shamburger sold 5,360 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $35.03, for a total transaction of $187,760.80. Following the completion of the transaction, the chief financial officer now owns 24,327 shares in the company, valued at approximately $852,174.81. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider T L. Arnold, Jr. sold 3,999 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $31.63, for a total transaction of $126,488.37. Following the sale, the insider now owns 16,441 shares in the company, valued at $520,028.83. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Julie Shamburger sold 5,360 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $35.03, for a total value of $187,760.80. Following the sale, the chief financial officer now directly owns 24,327 shares of the company’s stock, valued at $852,174.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,890 shares of company stock worth $500,319 over the last ninety days. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Southside Bancshares

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its stake in shares of Southside Bancshares by 95.8% in the 2nd quarter. AQR Capital Management LLC now owns 238,087 shares of the bank’s stock valued at $6,574,000 after acquiring an additional 116,473 shares in the last quarter. Marshall Wace LLP bought a new stake in Southside Bancshares in the second quarter valued at $1,109,000. Renaissance Technologies LLC raised its holdings in shares of Southside Bancshares by 6.8% during the second quarter. Renaissance Technologies LLC now owns 603,285 shares of the bank’s stock valued at $16,657,000 after purchasing an additional 38,500 shares during the period. Quest Partners LLC boosted its position in shares of Southside Bancshares by 835.1% during the 2nd quarter. Quest Partners LLC now owns 23,826 shares of the bank’s stock worth $658,000 after purchasing an additional 21,278 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Southside Bancshares by 185.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock valued at $702,000 after buying an additional 15,625 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

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 deposits.