Southside Bancshares (NASDAQ:SBSI) Price Target Cut to $31.00 by Analysts at Hovde Group

Southside Bancshares (NASDAQ:SBSI) had its price target reduced by research analysts at Hovde Group from $35.00 to $31.00 in a report released on Thursday, Briefing.com reports. The brokerage currently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective would suggest a potential upside of 11.31% from the stock’s previous close.

Southside Bancshares Price Performance

SBSI opened at $27.85 on Thursday. Southside Bancshares has a 1 year low of $25.38 and a 1 year high of $34.40. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.73 and a current ratio of 0.73. The company’s 50 day simple moving average is $28.03 and its 200 day simple moving average is $29.19. The stock has a market capitalization of $843.44 million, a PE ratio of 10.35 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.04). The company had revenue of $112.48 million during the quarter, compared to analyst estimates of $67.10 million. Southside Bancshares had a net margin of 19.79% and a return on equity of 10.80%. During the same quarter last year, the business earned $0.84 EPS. As a group, sell-side analysts expect that Southside Bancshares will post 2.74 EPS for the current year.

Insider Transactions at Southside Bancshares

In related news, CEO Lee R. Gibson sold 14,897 shares of Southside Bancshares stock in a transaction on Monday, March 4th. The shares were sold at an average price of $30.27, for a total transaction of $450,932.19. Following the transaction, the chief executive officer now owns 56,491 shares in the company, valued at approximately $1,709,982.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Southside Bancshares

Large investors have recently bought and sold shares of the company. Texas Permanent School Fund Corp grew its position in shares of Southside Bancshares by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 25,150 shares of the bank’s stock worth $735,000 after buying an additional 369 shares in the last quarter. Aigen Investment Management LP increased its stake in Southside Bancshares by 3.9% during the third quarter. Aigen Investment Management LP now owns 14,709 shares of the bank’s stock valued at $422,000 after purchasing an additional 548 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Southside Bancshares by 16.9% in the fourth quarter. SG Americas Securities LLC now owns 7,722 shares of the bank’s stock worth $242,000 after acquiring an additional 1,115 shares during the last quarter. Victory Capital Management Inc. boosted its position in Southside Bancshares by 11.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,774 shares of the bank’s stock valued at $557,000 after purchasing an additional 1,834 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Southside Bancshares by 16.1% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 13,990 shares of the bank’s stock valued at $409,000 after acquiring an additional 1,943 shares during the period. Institutional investors and hedge funds own 55.70% 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 deposits.