John Mitchell Jr. Craddock Sells 486 Shares of Southside Bancshares (NYSE:SBSI) Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Mitchell Jr. Craddock sold 486 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $33.38, for a total transaction of $16,222.68. Following the transaction, the chief operating officer directly owned 4,871 shares of the company’s stock, valued at $162,593.98. The trade was a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Southside Bancshares Price Performance

Shares of NYSE:SBSI traded up $0.58 during midday trading on Tuesday, reaching $33.64. 77,376 shares of the company’s stock were exchanged, compared to its average volume of 104,950. The company’s 50 day simple moving average is $32.58 and its two-hundred day simple moving average is $31.83. The firm has a market capitalization of $1.00 billion, a PE ratio of 14.25 and a beta of 0.58. Southside Bancshares, Inc. has a 12 month low of $26.32 and a 12 month high of $34.53. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.74 and a current ratio of 0.74.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Southside Bancshares had a net margin of 15.85% and a return on equity of 10.81%. The company had revenue of $70.29 million during the quarter, compared to the consensus estimate of $70.92 million. Equities research analysts expect that Southside Bancshares, Inc. will post 3.43 earnings per share for the current fiscal year.

Southside Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Monday, May 18th. Southside Bancshares’s dividend payout ratio (DPR) is currently 61.02%.

Wall Street Analyst Weigh In

SBSI has been the subject of several analyst reports. Piper Sandler initiated coverage on shares of Southside Bancshares in a report on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price target for the company. Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Southside Bancshares by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 2,031,944 shares of the company’s stock valued at $61,751,000 after buying an additional 31,575 shares during the period. Dimensional Fund Advisors LP increased its holdings in Southside Bancshares by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,384,745 shares of the company’s stock worth $43,051,000 after purchasing an additional 7,496 shares in the last quarter. State Street Corp increased its holdings in Southside Bancshares by 0.6% during the 4th quarter. State Street Corp now owns 1,308,609 shares of the company’s stock worth $39,769,000 after purchasing an additional 7,706 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 worth $12,335,000 after purchasing an additional 37,253 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Southside Bancshares by 11.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 351,713 shares of the company’s stock worth $10,689,000 after buying an additional 36,675 shares during the period. Institutional investors and hedge funds own 55.70% of the company’s stock.

Southside Bancshares Company 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.