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. “
A number of other brokerages have also recently weighed in on SBSI. ValuEngine upgraded Southside Bancshares from a sell rating to a hold rating in a research note on Thursday, October 31st. BidaskClub lowered Southside Bancshares from a hold rating to a sell rating in a research note on Wednesday, November 20th.
Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Friday, October 25th. The bank reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.01). Southside Bancshares had a net margin of 26.61% and a return on equity of 9.79%. The company had revenue of $55.29 million for the quarter, compared to the consensus estimate of $56.95 million. During the same period last year, the business posted $0.58 EPS. The firm’s revenue was up .9% compared to the same quarter last year. On average, sell-side analysts expect that Southside Bancshares will post 2.26 EPS for the current year.
The company also recently declared a None dividend, which will be paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, November 26th. Southside Bancshares’s dividend payout ratio is currently 58.77%.
In other news, CFO Julie Shamburger sold 1,635 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $34.84, for a total value of $56,963.40. Following the completion of the sale, the chief financial officer now owns 17,237 shares of the company’s stock, valued at approximately $600,537.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brian K. Mccabe sold 1,200 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $35.40, for a total value of $42,480.00. Following the transaction, the chief operating officer now owns 16,778 shares in the company, valued at $593,941.20. The disclosure for this sale can be found here. 5.80% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its holdings in Southside Bancshares by 0.6% in the second quarter. Arizona State Retirement System now owns 49,166 shares of the bank’s stock worth $1,592,000 after acquiring an additional 313 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of Southside Bancshares by 14.6% during the third quarter. California Public Employees Retirement System now owns 73,103 shares of the bank’s stock valued at $2,494,000 after acquiring an additional 9,331 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Southside Bancshares by 3.4% during the third quarter. Handelsbanken Fonder AB now owns 600,000 shares of the bank’s stock valued at $20,466,000 after acquiring an additional 20,000 shares in the last quarter. Invesco Ltd. raised its position in shares of Southside Bancshares by 1.6% in the 2nd quarter. Invesco Ltd. now owns 919,627 shares of the bank’s stock valued at $29,778,000 after purchasing an additional 14,343 shares during the last quarter. Finally, Fidelity National Financial Inc. purchased a new position in shares of Southside Bancshares in the 2nd quarter valued at approximately $2,331,000. Institutional investors own 52.99% of the company’s stock.
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 deposit.
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