Keefe, Bruyette & Woods Cuts Southside Bancshares (NASDAQ:SBSI) Price Target to $31.00

by · The Cerbat Gem

Southside Bancshares (NASDAQ:SBSI – Free Report) had its price target reduced by Keefe, Bruyette & Woods from $32.00 to $31.00 in a research report released on Monday,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Separately, Stephens restated an “equal weight” rating and set a $36.00 target price on shares of Southside Bancshares in a report on Friday, September 19th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.50.

Read Our Latest Report on Southside Bancshares

Southside Bancshares Trading Down 1.7%

Shares of Southside Bancshares stock opened at $27.90 on Monday. The stock has a market cap of $839.08 million, a P/E ratio of 9.59 and a beta of 0.64. The stock’s 50 day simple moving average is $29.25 and its 200-day simple moving average is $29.21. Southside Bancshares has a 1-year low of $25.85 and a 1-year high of $38.00. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.76 and a quick ratio of 0.76.

Southside Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $1.44 dividend on an annualized basis and a yield of 5.2%. Southside Bancshares’s payout ratio is presently 62.61%.

Hedge Funds Weigh In On Southside Bancshares

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its stake in shares of Southside Bancshares by 1,083.8% in the second quarter. EverSource Wealth Advisors LLC now owns 947 shares of the bank’s stock worth $28,000 after acquiring an additional 867 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Southside Bancshares during the first quarter worth $29,000. Pacifica Partners Inc. acquired a new position in shares of Southside Bancshares during the third quarter worth $56,000. Hantz Financial Services Inc. grew its stake in shares of Southside Bancshares by 2,858.8% during the second quarter. Hantz Financial Services Inc. now owns 2,012 shares of the bank’s stock worth $59,000 after purchasing an additional 1,944 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Southside Bancshares by 223,400.0% during the first quarter. AlphaQuest LLC now owns 2,235 shares of the bank’s stock worth $65,000 after purchasing an additional 2,234 shares in the last quarter. Institutional investors and hedge funds own 55.70% of the company’s stock.

About Southside Bancshares

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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.

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