Southside Bancshares (NASDAQ:SBSI) Shares Gap Down on Disappointing Earnings

Southside Bancshares, Inc. (NASDAQ:SBSI) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.56, but opened at $32.22. Southside Bancshares shares last traded at $31.84, with a volume of 9,846 shares.

The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Southside Bancshares had a return on equity of 10.64% and a net margin of 18.90%. During the same period in the previous year, the business posted $0.60 EPS.

Southside Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Thursday, August 22nd. Southside Bancshares’s dividend payout ratio is currently 53.53%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SBSI shares. Hovde Group raised their price target on Southside Bancshares from $31.00 to $37.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com lowered Southside Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, October 10th.

Insider Activity at Southside Bancshares

In related news, insider Jared C. Green sold 864 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $33.27, for a total value of $28,745.28. Following the completion of the sale, the insider now owns 4,358 shares in the company, valued at $144,990.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Jared C. Green sold 864 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $33.27, for a total value of $28,745.28. Following the completion of the sale, the insider now owns 4,358 shares in the company, valued at $144,990.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Julie Shamburger sold 5,360 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $35.03, for a total transaction of $187,760.80. Following the completion of the sale, the chief financial officer now owns 24,327 shares of the company’s stock, valued at approximately $852,174.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,890 shares of company stock worth $500,319 over the last 90 days. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Southside Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System lifted its position in shares of Southside Bancshares by 185.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,028 shares of the bank’s stock valued at $702,000 after acquiring an additional 15,625 shares during the period. Empowered Funds LLC lifted its position in shares of Southside Bancshares by 8.1% during the 1st quarter. Empowered Funds LLC now owns 65,458 shares of the bank’s stock valued at $1,913,000 after acquiring an additional 4,900 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of Southside Bancshares by 8.2% during the 2nd quarter. Texas Permanent School Fund Corp now owns 27,224 shares of the bank’s stock valued at $752,000 after acquiring an additional 2,074 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Southside Bancshares during the 3rd quarter valued at approximately $285,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Southside Bancshares by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,315 shares of the bank’s stock worth $828,000 after purchasing an additional 1,074 shares during the last quarter. 55.70% of the stock is currently owned by institutional investors and hedge funds.

Southside Bancshares Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market capitalization of $991.34 million, a price-to-earnings ratio of 12.17 and a beta of 0.54. The company has a 50-day moving average of $33.28 and a 200-day moving average of $30.07.

Southside Bancshares Company Profile

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.