Wall Street brokerages expect Southside Bancshares, Inc. (NASDAQ:SBSI) to announce sales of $55.65 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Southside Bancshares’ earnings, with the lowest sales estimate coming in at $55.20 million and the highest estimate coming in at $56.10 million. Southside Bancshares posted sales of $47.41 million during the same quarter last year, which suggests a positive year-over-year growth rate of 17.4%. The company is expected to issue its next quarterly earnings report on Tuesday, February 5th.
On average, analysts expect that Southside Bancshares will report full-year sales of $222.80 million for the current financial year, with estimates ranging from $222.40 million to $223.20 million. For the next financial year, analysts forecast that the firm will post sales of $225.15 million, with estimates ranging from $223.40 million to $226.90 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Southside Bancshares.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 26th. The bank reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.03). The firm had revenue of $54.82 million during the quarter, compared to analyst estimates of $56.10 million. Southside Bancshares had a return on equity of 9.25% and a net margin of 25.71%.
A number of research analysts recently issued reports on SBSI shares. Zacks Investment Research downgraded shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. BidaskClub upgraded shares of Southside Bancshares from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $37.00 target price on shares of Southside Bancshares in a research report on Friday, July 27th.
Shares of NASDAQ SBSI traded down $0.36 during midday trading on Wednesday, reaching $33.07. The stock had a trading volume of 102,351 shares, compared to its average volume of 128,185. The company has a market capitalization of $1.16 billion, a P/E ratio of 17.50 and a beta of 0.84. Southside Bancshares has a twelve month low of $29.28 and a twelve month high of $37.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.67 and a current ratio of 0.67.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Thursday, November 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.63%. Southside Bancshares’s payout ratio is presently 63.49%.
In related news, COO Brian K. Mccabe sold 1,670 shares of the business’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $36.81, for a total transaction of $61,472.70. Following the transaction, the chief operating officer now owns 17,706 shares in the company, valued at approximately $651,757.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tony K. Morgan purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were acquired at an average price of $31.15 per share, with a total value of $62,300.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,131 shares of company stock worth $66,627 in the last quarter. 17.20% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Commerce Bank bought a new stake in Southside Bancshares during the 3rd quarter valued at $204,000. SG Americas Securities LLC bought a new stake in Southside Bancshares during the 2nd quarter valued at $227,000. BlueMountain Capital Management LLC increased its stake in Southside Bancshares by 213.9% during 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 in the last quarter. US Bancorp DE increased its stake in Southside Bancshares by 27.4% during 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 in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Southside Bancshares during the 3rd quarter valued at $274,000. Institutional investors and hedge funds own 46.74% 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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