Southside Bancshares (SBSI) Upgraded at ValuEngine

Southside Bancshares (NASDAQ:SBSI) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Monday.

SBSI has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 price target on shares of Southside Bancshares in a report on Tuesday, August 29th. Zacks Investment Research raised shares of Southside Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Piper Jaffray Companies initiated coverage on shares of Southside Bancshares in a report on Friday, September 22nd. They set a “neutral” rating and a $37.00 price target for the company. Finally, BidaskClub downgraded shares of Southside Bancshares from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $37.00.

Shares of Southside Bancshares (NASDAQ:SBSI) traded up $0.09 during trading on Monday, hitting $36.28. 87,006 shares of the stock were exchanged, compared to its average volume of 107,942. Southside Bancshares has a 12 month low of $31.20 and a 12 month high of $38.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market cap of $1,070.00, a P/E ratio of 18.98 and a beta of 0.76.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 27th. The bank reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.05). Southside Bancshares had a return on equity of 10.32% and a net margin of 25.70%. The firm had revenue of $44.37 million for the quarter, compared to the consensus estimate of $51.00 million. equities analysts predict that Southside Bancshares will post 1.97 earnings per share for the current year.

In related news, COO Brian K. Mccabe sold 1,500 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $33.00, for a total value of $49,500.00. Following the completion of the transaction, the chief operating officer now owns 16,658 shares of the company’s stock, valued at approximately $549,714. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael J. Bosworth sold 4,512 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $33.94, for a total transaction of $153,137.28. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of Southside Bancshares by 2.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,433 shares of the bank’s stock valued at $225,000 after acquiring an additional 158 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of Southside Bancshares by 2.5% during the second quarter. Public Employees Retirement Association of Colorado now owns 7,116 shares of the bank’s stock valued at $249,000 after acquiring an additional 174 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of Southside Bancshares by 2.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 8,754 shares of the bank’s stock valued at $306,000 after acquiring an additional 213 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Southside Bancshares by 2.5% during the second quarter. UBS Asset Management Americas Inc. now owns 10,607 shares of the bank’s stock valued at $371,000 after acquiring an additional 257 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Southside Bancshares by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 11,070 shares of the bank’s stock valued at $387,000 after acquiring an additional 270 shares during the last quarter. 51.44% of the stock is owned by hedge funds and other institutional investors.

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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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