Southside Bancshares (NYSE:SBSI) Shares Gap Down – Should You Sell?

Shares of Southside Bancshares, Inc. (NYSE:SBSI) gapped down prior to trading on Monday . The stock had previously closed at $34.21, but opened at $32.95. Southside Bancshares shares last traded at $32.19, with a volume of 15,747 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SBSI shares. Piper Sandler lowered their price objective on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday. Weiss Ratings raised Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Stephens set a $37.00 price objective on Southside Bancshares in a research note on Monday. Finally, Benchmark began coverage on Southside Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Southside Bancshares currently has a consensus rating of “Hold” and an average price target of $34.75.

Southside Bancshares Trading Up 0.8%

The stock has a market capitalization of $975.23 million, a P/E ratio of 12.88 and a beta of 0.58. The business has a 50 day simple moving average of $33.89 and a 200-day simple moving average of $32.74. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.86 and a current ratio of 0.74.

Southside Bancshares (NYSE:SBSI) last announced its quarterly earnings data on Friday, July 24th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. Southside Bancshares had a return on equity of 11.16% and a net margin of 16.70%.The business had revenue of $71.34 million during the quarter, compared to analyst estimates of $75.00 million. On average, analysts predict that Southside Bancshares, Inc. will post 3.43 EPS for the current year.

Southside Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s dividend payout ratio is 56.69%.

Institutional Trading of Southside Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its stake in Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock valued at $28,000 after acquiring an additional 867 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Southside Bancshares during the 4th quarter valued at $45,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Southside Bancshares during the 3rd quarter valued at $45,000. GAMMA Investing LLC grew its holdings in shares of Southside Bancshares by 26.6% during the 4th quarter. GAMMA Investing LLC now owns 1,809 shares of the company’s stock valued at $55,000 after acquiring an additional 380 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Southside Bancshares by 927.6% in the third quarter. Russell Investments Group Ltd. now owns 2,826 shares of the company’s stock worth $80,000 after acquiring an additional 2,551 shares during the last quarter. 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.