Southside Bancshares (NASDAQ:SBSI) Coverage Initiated by Analysts at Raymond James

Research analysts at Raymond James started coverage on shares of Southside Bancshares (NASDAQ:SBSI) in a report issued on Tuesday, Marketbeat.com reports. The brokerage set a “market perform” rating on the bank’s stock.

Separately, StockNews.com cut Southside Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th.

Southside Bancshares Stock Performance

NASDAQ:SBSI opened at $32.16 on Tuesday. The firm has a market capitalization of $974.77 million, a PE ratio of 10.78 and a beta of 0.58. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.32. Southside Bancshares has a 12-month low of $25.30 and a 12-month high of $38.00. The firm has a 50-day moving average price of $33.77 and a 200 day moving average price of $32.83.

Southside Bancshares (NASDAQ:SBSI) last issued its earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The company had revenue of $113.87 million during the quarter, compared to analyst estimates of $68.25 million. Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. During the same period in the previous year, the company posted $0.60 earnings per share. Research analysts anticipate that Southside Bancshares will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Suni M. Davis sold 2,220 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $36.00, for a total transaction of $79,920.00. Following the transaction, the insider now owns 9,202 shares in the company, valued at $331,272. This represents a 19.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lee R. Gibson sold 3,300 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total transaction of $121,242.00. Following the completion of the sale, the chief executive officer now owns 57,272 shares of the company’s stock, valued at $2,104,173.28. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SBSI. JPMorgan Chase & Co. increased its stake in shares of Southside Bancshares by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock valued at $12,876,000 after buying an additional 170,287 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Southside Bancshares by 73.6% in the third quarter. Thrivent Financial for Lutherans now owns 59,801 shares of the bank’s stock valued at $1,999,000 after acquiring an additional 25,350 shares during the last quarter. Jane Street Group LLC increased its position in Southside Bancshares by 119.5% in the third quarter. Jane Street Group LLC now owns 53,571 shares of the bank’s stock worth $1,791,000 after purchasing an additional 29,163 shares during the period. Geode Capital Management LLC raised its holdings in Southside Bancshares by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 671,666 shares of the bank’s stock worth $22,458,000 after purchasing an additional 3,097 shares during the last quarter. Finally, Barclays PLC lifted its position in Southside Bancshares by 137.6% during the 3rd quarter. Barclays PLC now owns 59,263 shares of the bank’s stock valued at $1,981,000 after purchasing an additional 34,316 shares during the period. Institutional investors own 55.70% of the company’s stock.

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.