Southside Bancshares, Inc. (NYSE:SBSI) to Issue Dividend Increase – $0.37 Per Share

Southside Bancshares, Inc. (NYSE:SBSI) declared a quarterly dividend on Thursday, August 6th. Shareholders of record on Thursday, August 20th will be given a dividend of 0.37 per share on Thursday, September 3rd. This represents a c) annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Thursday, August 20th. This is a 2.8% increase from Southside Bancshares’s previous quarterly dividend of $0.36.

Southside Bancshares has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 30 consecutive years.

Southside Bancshares Stock Down 0.5%

SBSI stock opened at $32.54 on Friday. The firm’s 50-day moving average is $33.84 and its two-hundred day moving average is $32.78. The company has a market capitalization of $969.90 million, a price-to-earnings ratio of 12.81 and a beta of 0.60. Southside Bancshares has a 52 week low of $26.32 and a 52 week high of $36.20. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.71.

Southside Bancshares (NYSE:SBSI) last posted its quarterly earnings data on Friday, July 24th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $71.34 million for the quarter, compared to analyst estimates of $75.00 million. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. On average, analysts forecast that Southside Bancshares will post 3.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on SBSI shares. Benchmark initiated coverage on Southside Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Weiss Ratings raised shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. Piper Sandler lowered their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday, July 27th. Zacks Research downgraded shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Stephens set a $37.00 target price on shares of Southside Bancshares in a report on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $34.75.

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.