Southside Bancshares (NASDAQ:SBSI) Rating Lowered to “Sell” at StockNews.com

StockNews.com cut shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a research report report published on Tuesday.

Separately, Hovde Group lifted their price objective on 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 Stock Performance

Shares of SBSI opened at $35.89 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares has a 52-week low of $25.30 and a 52-week high of $37.58. The company has a 50-day simple moving average of $33.35 and a 200-day simple moving average of $30.54. The company has a market capitalization of $1.09 billion, a PE ratio of 12.96 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last issued its earnings results 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). The company had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. During the same period last year, the business posted $0.60 earnings per share. Equities research analysts predict that Southside Bancshares will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Southside Bancshares

In other news, CEO Lee R. Gibson sold 3,300 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total value of $121,242.00. Following the sale, the chief executive officer now directly owns 57,272 shares in the company, valued at $2,104,173.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Lee R. Gibson sold 3,300 shares of Southside Bancshares stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the transaction, the chief executive officer now directly owns 57,272 shares in the company, valued at $2,104,173.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Suni M. Davis sold 2,220 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total value of $79,920.00. Following the sale, the insider now owns 9,202 shares in the company, valued at approximately $331,272. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,187 shares of company stock worth $358,487. 5.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Southside Bancshares

Several hedge funds have recently modified their holdings of SBSI. Nisa Investment Advisors LLC grew its stake in Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after acquiring an additional 387 shares during the period. CWM LLC increased its stake in Southside Bancshares by 447.5% in the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after purchasing an additional 2,533 shares during the last quarter. EntryPoint Capital LLC increased its stake in Southside Bancshares by 57.0% in the first quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock valued at $96,000 after purchasing an additional 1,195 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Southside Bancshares by 48.3% during the second quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock worth $139,000 after buying an additional 1,643 shares during the period. Finally, Bill Few Associates Inc. acquired a new stake in Southside Bancshares in the 3rd quarter worth about $222,000. 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.