Southside Bancshares (NASDAQ:SBSI) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a research report released on Saturday, Zacks.com reports.

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 equities research analysts also recently weighed in on the company. ValuEngine raised Southside Bancshares from a sell rating to a hold rating in a research report on Thursday, October 31st. BidaskClub raised Southside Bancshares from a sell rating to a hold rating in a research report on Thursday, September 12th.

SBSI stock traded up $0.02 during midday trading on Friday, hitting $35.14. The company’s stock had a trading volume of 44,000 shares, compared to its average volume of 106,483. Southside Bancshares has a 12 month low of $29.71 and a 12 month high of $35.97. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $34.47 and a two-hundred day moving average of $33.67. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 16.65 and a beta of 0.70.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings results on Friday, October 25th. The bank reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.01). Southside Bancshares had a return on equity of 9.79% and a net margin of 26.61%. The firm had revenue of $55.29 million for the quarter, compared to the consensus estimate of $56.95 million. During the same period in the previous year, the company posted $0.58 EPS. Southside Bancshares’s quarterly revenue was up .9% compared to the same quarter last year. On average, analysts anticipate that Southside Bancshares will post 2.26 earnings per share for the current fiscal year.

In related news, CFO Julie Shamburger sold 1,635 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $34.84, for a total transaction of $56,963.40. Following the sale, the chief financial officer now owns 17,237 shares of the company’s stock, valued at $600,537.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John F. Sammons, Jr. acquired 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were bought at an average cost of $33.18 per share, for a total transaction of $49,770.00. The disclosure for this purchase can be found here. 5.80% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. boosted its position in Southside Bancshares by 1.6% during the second 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 in the last quarter. Northern Trust Corp boosted its holdings in Southside Bancshares by 2.0% in the second quarter. Northern Trust Corp now owns 607,324 shares of the bank’s stock worth $19,665,000 after acquiring an additional 12,058 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in Southside Bancshares by 3.4% in the third quarter. Handelsbanken Fonder AB now owns 600,000 shares of the bank’s stock worth $20,466,000 after acquiring an additional 20,000 shares in the last quarter. Handelsinvest Investeringsforvaltning boosted its holdings in Southside Bancshares by 11.2% in the third quarter. Handelsinvest Investeringsforvaltning now owns 200,000 shares of the bank’s stock worth $6,822,000 after acquiring an additional 20,213 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Southside Bancshares by 2.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 185,879 shares of the bank’s stock worth $6,019,000 after acquiring an additional 3,830 shares in the last quarter. 52.82% of the stock is currently owned by institutional investors.

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.

Recommended Story: How to calculate the intrinsic value of a stock

Get a free copy of the Zacks research report on Southside Bancshares (SBSI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Southside Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southside Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.