Southside Bancshares (NASDAQ:SBSI) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Southside Bancshares (NASDAQ:SBSI) from a hold rating to a sell rating in a research report released on Tuesday, Zacks.com reports.

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 upgraded Southside Bancshares from a sell rating to a hold rating in a research report on Thursday, September 12th.

Shares of SBSI stock opened at $33.80 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.20. Southside Bancshares has a twelve month low of $29.28 and a twelve month high of $35.97. The company has a market cap of $1.13 billion, a P/E ratio of 15.05 and a beta of 0.70. The business has a fifty day simple moving average of $33.64 and a 200 day simple moving average of $33.52.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Friday, July 26th. The bank reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. Southside Bancshares had a return on equity of 10.04% and a net margin of 27.23%. The business had revenue of $55.41 million during the quarter, compared to the consensus estimate of $55.28 million. During the same period in the prior year, the company earned $0.57 EPS. Southside Bancshares’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, equities research analysts anticipate that Southside Bancshares will post 2.26 earnings per share for the current fiscal year.

In other Southside Bancshares news, Director John F. Sammons, Jr. acquired 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was acquired at an average cost of $33.18 per share, for a total transaction of $49,770.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in SBSI. Advisory Services Network LLC raised its position in Southside Bancshares by 477.5% in the second quarter. Advisory Services Network LLC now owns 1,155 shares of the bank’s stock valued at $37,000 after purchasing an additional 955 shares during the last quarter. Krane Funds Advisors LLC bought a new position in Southside Bancshares in the second quarter valued at about $58,000. US Bancorp DE raised its position in Southside Bancshares by 9.6% in the second quarter. US Bancorp DE now owns 4,288 shares of the bank’s stock valued at $139,000 after purchasing an additional 375 shares during the last quarter. Bank of Montreal Can raised its position in Southside Bancshares by 166.3% in the second quarter. Bank of Montreal Can now owns 4,397 shares of the bank’s stock valued at $143,000 after purchasing an additional 2,746 shares during the last quarter. Finally, Jefferies Group LLC bought a new position in Southside Bancshares in the second quarter valued at about $221,000. Institutional investors and hedge funds own 52.80% 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 deposit.

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