Empowered Funds LLC acquired a new position in Southside Bancshares, Inc. (NYSE:SBSI – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 113,411 shares of the company’s stock, valued at approximately $3,991,000.
Several other institutional investors and hedge funds have also recently modified their holdings of SBSI. BlackRock Inc. bought a new stake in shares of Southside Bancshares during the 2nd quarter valued at about $150,305,000. Vanguard Group Inc. raised its stake in Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock worth $61,751,000 after buying an additional 31,575 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Southside Bancshares by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock worth $43,051,000 after buying an additional 7,496 shares during the period. State Street Corp boosted its position in Southside Bancshares by 0.6% during the 4th quarter. State Street Corp now owns 1,308,609 shares of the company’s stock valued at $39,769,000 after acquiring an additional 7,706 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Southside Bancshares by 10.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company’s stock valued at $12,335,000 after acquiring an additional 37,253 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.
Southside Bancshares Price Performance
Shares of SBSI opened at $31.63 on Tuesday. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The firm’s 50-day simple moving average is $33.48 and its two-hundred day simple moving average is $32.70. The stock has a market cap of $942.89 million, a PE ratio of 12.45 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74.
Southside Bancshares Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be given a dividend of $0.37 per share. This is a boost from Southside Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. Southside Bancshares’s dividend payout ratio is 58.27%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SBSI. Stephens set a $37.00 target price on Southside Bancshares in a research report on Monday, July 27th. Benchmark started coverage on Southside Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. Weiss Ratings cut Southside Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 20th. Piper Sandler decreased their price objective on Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lowered their price objective on Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating for the company in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Southside Bancshares presently has a consensus rating of “Hold” and an average target price of $34.75.
View Our Latest Research Report on Southside Bancshares
Southside Bancshares Profile
Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.
In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.
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