California Public Employees Retirement System Reduces Position in Southside Bancshares, Inc. (SBSI)

California Public Employees Retirement System lowered its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 8.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,418 shares of the bank’s stock after selling 7,098 shares during the period. California Public Employees Retirement System owned about 0.28% of Southside Bancshares worth $2,733,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Creative Planning increased its position in shares of Southside Bancshares by 59.9% in the first quarter. Creative Planning now owns 80,100 shares of the bank’s stock valued at $2,689,000 after buying an additional 30,000 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Southside Bancshares by 5.0% in the fourth quarter. AQR Capital Management LLC now owns 9,678 shares of the bank’s stock valued at $365,000 after buying an additional 465 shares in the last quarter. State Street Corp increased its position in shares of Southside Bancshares by 19.3% in the fourth quarter. State Street Corp now owns 665,647 shares of the bank’s stock valued at $25,074,000 after buying an additional 107,657 shares in the last quarter. Oxford Asset Management purchased a new position in shares of Southside Bancshares during the first quarter valued at $746,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Southside Bancshares during the first quarter valued at $555,000. 51.41% of the stock is currently owned by institutional investors and hedge funds.

Southside Bancshares, Inc. (NASDAQ SBSI) opened at 32.78 on Friday. The stock has a market cap of $961.86 million, a P/E ratio of 17.26 and a beta of 0.78. Southside Bancshares, Inc. has a 12-month low of $29.99 and a 12-month high of $38.08. The stock has a 50 day moving average of $34.72 and a 200 day moving average of $33.87.

Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Friday, July 28th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by $0.04. Southside Bancshares had a net margin of 32.38% and a return on equity of 10.77%. The business had revenue of $44.72 million for the quarter, compared to analysts’ expectations of $50.40 million. On average, equities research analysts anticipate that Southside Bancshares, Inc. will post $2.07 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be given a dividend of $0.28 per share. 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 dividend on an annualized basis and a dividend yield of 3.42%. Southside Bancshares’s dividend payout ratio (DPR) is 57.52%.

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SBSI has been the topic of several analyst reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 price target on shares of Southside Bancshares in a report on Friday, April 28th. Zacks Investment Research raised shares of Southside Bancshares from a “hold” rating to a “strong-buy” rating and set a $41.00 target price on the stock in a report on Tuesday, May 9th. Finally, BidaskClub downgraded shares of Southside Bancshares from a “hold” rating to a “sell” rating in a report on Sunday, July 16th.

In other Southside Bancshares news, Director Alton Cade, Jr. sold 2,950 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was 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 hyperlink. Also, insider Tim Carter sold 7,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $33.95, for a total value of $237,650.00. The disclosure for this sale can be found here. Insiders sold a total of 14,950 shares of company stock worth $515,615 in the last 90 days. 17.20% of the stock is currently owned by insiders.

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.

Institutional Ownership by Quarter for Southside Bancshares (NASDAQ:SBSI)

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