Short Interest in Southside Bancshares, Inc. (NASDAQ:SBSI) Drops By 12.2%

Southside Bancshares, Inc. (NASDAQ:SBSI) was the recipient of a large decrease in short interest in the month of July. As of July 15th, there was short interest totalling 1,290,000 shares, a decrease of 12.2% from the June 30th total of 1,470,000 shares. Currently, 4.1% of the shares of the company are short sold. Based on an average daily trading volume, of 183,700 shares, the days-to-cover ratio is presently 7.0 days.

In other news, insider John Robert Garrett purchased 1,167 shares of the stock in a transaction dated Friday, May 15th. The shares were purchased at an average cost of $25.98 per share, with a total value of $30,318.66. Following the acquisition, the insider now directly owns 15,850 shares of the company’s stock, valued at $411,783. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.20% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Mason Street Advisors LLC boosted its holdings in Southside Bancshares by 2.6% in the fourth quarter. Mason Street Advisors LLC now owns 11,056 shares of the bank’s stock valued at $411,000 after purchasing an additional 284 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Southside Bancshares by 29.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,870 shares of the bank’s stock worth $87,000 after acquiring an additional 654 shares during the period. Legal & General Group Plc raised its position in shares of Southside Bancshares by 0.9% in the first quarter. Legal & General Group Plc now owns 82,788 shares of the bank’s stock worth $2,516,000 after acquiring an additional 762 shares during the period. Swiss National Bank raised its position in shares of Southside Bancshares by 1.5% in the first quarter. Swiss National Bank now owns 62,218 shares of the bank’s stock worth $1,891,000 after acquiring an additional 900 shares during the period. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Southside Bancshares in the second quarter worth about $25,000. 54.04% of the stock is currently owned by institutional investors.

A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, July 21st. SunTrust Banks lowered their price target on shares of Southside Bancshares from $32.00 to $29.00 and set a “hold” rating for the company in a report on Tuesday, May 19th. BidaskClub downgraded shares of Southside Bancshares from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Piper Sandler raised their price objective on shares of Southside Bancshares from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company has an average rating of “Hold” and a consensus target price of $30.00.

Shares of NASDAQ:SBSI traded up $0.03 during trading on Friday, reaching $27.70. 174,691 shares of the company were exchanged, compared to its average volume of 122,033. The firm has a market capitalization of $914.43 million, a PE ratio of 14.89 and a beta of 0.56. The business’s fifty day simple moving average is $27.04 and its 200-day simple moving average is $30.22. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.77 and a quick ratio of 0.77. Southside Bancshares has a 12-month low of $23.74 and a 12-month high of $37.89.

Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.28. The company had revenue of $62.48 million for the quarter, compared to analyst estimates of $56.35 million. Southside Bancshares had a net margin of 21.63% and a return on equity of 7.86%. On average, sell-side analysts anticipate that Southside Bancshares will post 1.76 EPS for the current fiscal year.

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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