Southside Bancshares (NASDAQ:SBSI) Given New $37.00 Price Target at Hovde Group

Southside Bancshares (NASDAQ:SBSI) had its price objective increased by Hovde Group from $31.00 to $37.00 in a report issued on Monday morning, MarketBeat.com reports. They currently have a market perform rating on the bank’s stock.

Separately, StockNews.com raised Southside Bancshares from a sell rating to a hold rating in a report on Tuesday, July 2nd.

Southside Bancshares Price Performance

Shares of SBSI opened at $34.99 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.14. The stock’s 50 day moving average is $27.94 and its two-hundred day moving average is $28.49. Southside Bancshares has a twelve month low of $25.30 and a twelve month high of $36.10. The firm has a market capitalization of $1.06 billion, a PE ratio of 13.01 and a beta of 0.55.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.81 EPS for the quarter, beating the consensus estimate of $0.64 by $0.17. The business had revenue of $115.74 million during the quarter, compared to analysts’ expectations of $64.91 million. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.90%. During the same period last year, the firm earned $0.82 EPS. Research analysts anticipate that Southside Bancshares will post 2.7 earnings per share for the current year.

Southside Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were issued a $0.36 dividend. The ex-dividend date was Wednesday, May 22nd. This represents a $1.44 annualized dividend and a dividend yield of 4.12%. Southside Bancshares’s dividend payout ratio is currently 53.53%.

Hedge Funds Weigh In On Southside Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its holdings in Southside Bancshares by 54.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after purchasing an additional 387 shares during the last quarter. CWM LLC raised its holdings in Southside Bancshares by 447.5% during the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock worth $86,000 after purchasing an additional 2,533 shares during the last quarter. EntryPoint Capital LLC raised its holdings in Southside Bancshares by 57.0% during the first quarter. EntryPoint Capital LLC now owns 3,293 shares of the bank’s stock worth $96,000 after purchasing an additional 1,195 shares during the last quarter. Commerce Bank acquired a new position in Southside Bancshares during the fourth quarter worth $202,000. Finally, SG Americas Securities LLC raised its holdings in Southside Bancshares by 16.9% during the fourth quarter. SG Americas Securities LLC now owns 7,722 shares of the bank’s stock worth $242,000 after purchasing an additional 1,115 shares during the last quarter. 55.70% of the stock is owned by institutional investors and hedge funds.

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.