Southside Bancshares (SBSI) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a strong sell rating to a hold rating in a research report released on Saturday morning.

According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “

Several other brokerages have also weighed in on SBSI. Keefe, Bruyette & Woods restated a hold rating and issued a $37.00 price objective on shares of Southside Bancshares in a report on Tuesday, October 3rd. ValuEngine upgraded Southside Bancshares from a hold rating to a buy rating in a report on Monday, December 4th. BidaskClub upgraded Southside Bancshares from a sell rating to a hold rating in a report on Friday, December 22nd. Finally, Piper Jaffray Companies assumed coverage on Southside Bancshares in a research report on Friday, September 22nd. They set a neutral rating and a $37.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $37.00.

Shares of Southside Bancshares (NASDAQ SBSI) traded down $0.11 during trading on Friday, hitting $34.24. The stock had a trading volume of 118,597 shares, compared to its average volume of 100,100. 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 firm has a market capitalization of $1,201.17, a price-to-earnings ratio of 17.96 and a beta of 0.76. Southside Bancshares has a twelve month low of $31.20 and a twelve month high of $37.97.

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

In other news, EVP Peter M. Boyd sold 750 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $35.19, for a total transaction of $26,392.50. Following the sale, the executive vice president now directly owns 3,563 shares of the company’s stock, valued at $125,381.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Bosworth sold 4,512 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $33.94, for a total value of $153,137.28. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System raised its position in shares of Southside Bancshares by 4.1% during the third quarter. California Public Employees Retirement System now owns 76,694 shares of the bank’s stock worth $2,789,000 after purchasing an additional 3,006 shares during the period. King Luther Capital Management Corp raised its position in shares of Southside Bancshares by 40.1% during the third quarter. King Luther Capital Management Corp now owns 118,553 shares of the bank’s stock worth $4,311,000 after purchasing an additional 33,937 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Southside Bancshares by 5.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,374,007 shares of the bank’s stock worth $49,958,000 after purchasing an additional 75,241 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Southside Bancshares by 5.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 128,561 shares of the bank’s stock worth $4,675,000 after purchasing an additional 6,911 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Southside Bancshares by 25.0% during the third quarter. Wells Fargo & Company MN now owns 78,925 shares of the bank’s stock worth $2,871,000 after purchasing an additional 15,802 shares during the period. 43.21% of the stock is currently owned by 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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