Southside Bancshares (NASDAQ:SBSI) Upgraded to “Hold” at Zacks Investment Research
According to Zacks, “Southside Bancshares Corp., through its subsidiary banks, is primarily engaged in commercial banking and providing trust services. Southside’s subsidiary banks are engaged in the general banking business of accepting funds for deposit, making loans, renting safe deposit boxes and performing such other banking services as are usual and customary in banks of similar size and character. All of the subsidiary banks offer real estate, commercial and consumer loans. “
Separately, BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, June 22nd.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings data on Friday, July 26th. The bank reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. The firm had revenue of $55.41 million for the quarter, compared to analyst estimates of $55.28 million. Southside Bancshares had a net margin of 28.23% and a return on equity of 10.37%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. On average, equities analysts forecast that Southside Bancshares will post 2.25 earnings per share for the current fiscal year.
In other news, Director Tony K. Morgan purchased 1,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were bought at an average price of $33.01 per share, with a total value of $33,010.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 1,127 shares of company stock worth $37,429. Insiders own 5.80% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SBSI. Dimensional Fund Advisors LP raised its position in shares of Southside Bancshares by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,631,651 shares of the bank’s stock valued at $51,805,000 after purchasing an additional 67,337 shares during the period. Geode Capital Management LLC raised its position in shares of Southside Bancshares by 18.6% in the fourth quarter. Geode Capital Management LLC now owns 389,538 shares of the bank’s stock valued at $12,367,000 after purchasing an additional 60,995 shares during the period. Bank of America Corp DE raised its position in shares of Southside Bancshares by 276.2% in the fourth quarter. Bank of America Corp DE now owns 59,232 shares of the bank’s stock valued at $1,881,000 after purchasing an additional 43,489 shares during the period. Creative Planning raised its position in shares of Southside Bancshares by 27.2% in the second quarter. Creative Planning now owns 80,505 shares of the bank’s stock valued at $2,607,000 after purchasing an additional 17,200 shares during the period. Finally, Municipal Employees Retirement System of Michigan bought a new position in shares of Southside Bancshares in the fourth quarter valued at approximately $388,000. 53.33% of the stock is currently owned by institutional investors.
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 deposit.
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