State Board of Administration of Florida Retirement System boosted its position in Southside Bancshares Inc. (NASDAQ:SBSI) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 24,056 shares of the company’s stock after buying an additional 473 shares during the period. State Board of Administration of Florida Retirement System owned about 0.09% of Southside Bancshares worth $744,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of SBSI. Commonwealth Equity Services Inc purchased a new stake in shares of Southside Bancshares during the first quarter worth approximately $436,000. Aperio Group LLC bought a new stake in Southside Bancshares during the first quarter worth about $343,000. Virginia Retirement System bought a new stake in Southside Bancshares during the first quarter worth about $267,000. TIAA CREF Investment Management LLC increased its stake in Southside Bancshares by 9.2% in the first quarter. TIAA CREF Investment Management LLC now owns 100,342 shares of the company’s stock worth $2,616,000 after buying an additional 8,425 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Southside Bancshares by 2.9% in the first quarter. Prudential Financial Inc. now owns 56,803 shares of the company’s stock worth $1,481,000 after buying an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 43.41% of the company’s stock.
Shares of Southside Bancshares Inc. (NASDAQ:SBSI) traded up 2.24% on Friday, reaching $32.38. 40,072 shares of the company’s stock were exchanged. Southside Bancshares Inc. has a 12 month low of $19.54 and a 12 month high of $33.62. The firm’s 50 day moving average price is $31.96 and its 200-day moving average price is $29.91. The company has a market capitalization of $850.01 million, a P/E ratio of 17.82 and a beta of 0.75.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.07. Southside Bancshares had a net margin of 24.04% and a return on equity of 10.62%. On average, equities analysts anticipate that Southside Bancshares Inc. will post $2.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, August 16th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.03%. Southside Bancshares’s dividend payout ratio is currently 52.73%.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Southside Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 31st. Keefe, Bruyette & Woods boosted their target price on shares of Southside Bancshares from $29.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, August 1st.
In other Southside Bancshares news, insider Tim Carter sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $31.21, for a total transaction of $62,420.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 17.30% of the company’s stock.
About Southside Bancshares
Southside Bancshares, Inc (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. The Company operates through approximately 60 banking centers, over 20 of which are located in grocery stores, and 25 motor bank facilities.
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