Southside Bancshares (NASDAQ:SBSI) PT Lowered to $31.00 at Hovde Group

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

Southside Bancshares Trading Up 1.1 %

SBSI stock opened at $27.85 on Thursday. The business has a fifty day moving average price of $28.03 and a 200 day moving average price of $29.19. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.73 and a quick ratio of 0.73. Southside Bancshares has a fifty-two week low of $25.38 and a fifty-two week high of $34.40. The stock has a market capitalization of $843.44 million, a price-to-earnings ratio of 10.35 and a beta of 0.55.

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

Insider Activity

In related news, CEO Lee R. Gibson sold 14,897 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $30.27, for a total value of $450,932.19. Following the transaction, the chief executive officer now owns 56,491 shares in the company, valued at $1,709,982.57. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Southside Bancshares

Several large investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp raised its position in shares of Southside Bancshares by 1.5% during the 1st quarter. Texas Permanent School Fund Corp now owns 25,150 shares of the bank’s stock valued at $735,000 after acquiring an additional 369 shares during the last quarter. Aigen Investment Management LP boosted its position in shares of Southside Bancshares by 3.9% in the 3rd quarter. Aigen Investment Management LP now owns 14,709 shares of the bank’s stock worth $422,000 after purchasing an additional 548 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of 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 period. Victory Capital Management Inc. increased its holdings in Southside Bancshares by 11.5% in the fourth 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 last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in Southside Bancshares by 16.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 13,990 shares of the bank’s stock valued at $409,000 after buying an additional 1,943 shares during the period. 55.70% of the stock is currently owned by institutional investors and hedge funds.

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.