Southside Bancshares (SBSI) Upgraded by BidaskClub to “Hold”

BidaskClub upgraded shares of Southside Bancshares (NASDAQ:SBSI) from a sell rating to a hold rating in a report released on Tuesday morning.

Several other analysts also recently commented on SBSI. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $37.00 target price on shares of Southside Bancshares in a report on Friday, July 27th. Zacks Investment Research downgraded shares of Southside Bancshares from a hold rating to a sell rating in a report on Thursday, August 2nd.

Shares of SBSI traded down $0.88 during midday trading on Tuesday, reaching $32.49. The stock had a trading volume of 177,054 shares, compared to its average volume of 148,655. Southside Bancshares has a one year low of $31.73 and a one year high of $37.57. The company has a market cap of $1.22 billion, a PE ratio of 17.19 and a beta of 0.76. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.66 and a quick ratio of 0.66.

Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Friday, July 27th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.02). The company had revenue of $54.12 million for the quarter, compared to the consensus estimate of $57.36 million. Southside Bancshares had a return on equity of 9.07% and a net margin of 24.55%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. Analysts expect that Southside Bancshares will post 2.27 earnings per share for the current year.

In related news, insider Timothy F. Alexander sold 16,007 shares of Southside Bancshares stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $35.36, for a total transaction of $566,007.52. Following the completion of the sale, the insider now owns 11,780 shares of the company’s stock, valued at approximately $416,540.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brian K. Mccabe sold 1,670 shares of Southside Bancshares stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $36.81, for a total transaction of $61,472.70. Following the sale, the chief operating officer now directly owns 17,706 shares of the company’s stock, valued at approximately $651,757.86. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of Southside Bancshares during the 2nd quarter worth about $227,000. BlueMountain Capital Management LLC boosted its holdings in Southside Bancshares by 213.9% in the 2nd quarter. BlueMountain Capital Management LLC now owns 7,117 shares of the bank’s stock valued at $240,000 after purchasing an additional 4,850 shares during the period. US Bancorp DE boosted its holdings in Southside Bancshares by 27.4% in the 2nd quarter. US Bancorp DE now owns 8,081 shares of the bank’s stock valued at $272,000 after purchasing an additional 1,736 shares during the period. Barclays PLC boosted its holdings in Southside Bancshares by 108.5% in the 1st quarter. Barclays PLC now owns 9,166 shares of the bank’s stock valued at $319,000 after purchasing an additional 4,770 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Southside Bancshares in the 1st quarter valued at about $346,000. 47.05% of the stock is owned by institutional investors and hedge funds.

Southside Bancshares Company Profile

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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