Bank of Montreal Can Trims Stock Position in Southside Bancshares, Inc. (NASDAQ:SBSI)

Bank of Montreal Can reduced its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 22.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,651 shares of the bank’s stock after selling 466 shares during the quarter. Bank of Montreal Can’s holdings in Southside Bancshares were worth $54,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SBSI. SG Americas Securities LLC boosted its holdings in shares of Southside Bancshares by 43.1% in the fourth quarter. SG Americas Securities LLC now owns 5,475 shares of the bank’s stock valued at $174,000 after purchasing an additional 1,648 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Southside Bancshares by 66,530.0% during the first quarter. BNP Paribas Arbitrage SA now owns 6,663 shares of the bank’s stock worth $221,000 after purchasing an additional 6,653 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Southside Bancshares during the fourth quarter worth $236,000. Metropolitan Life Insurance Co. NY increased its position in shares of Southside Bancshares by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,967 shares of the bank’s stock worth $348,000 after purchasing an additional 8,565 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of Southside Bancshares during the fourth quarter worth $388,000. 53.35% of the stock is currently owned by institutional investors.

A number of equities analysts have recently issued reports on the company. BidaskClub raised Southside Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Zacks Investment Research downgraded Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

In related news, Director Tony K. Morgan bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $33.01 per share, for a total transaction of $33,010.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 1,127 shares of company stock valued at $37,429 in the last quarter. 5.80% of the stock is owned by insiders.

Shares of SBSI stock traded down $0.17 during mid-day trading on Monday, hitting $32.21. 69,066 shares of the stock were exchanged, compared to its average volume of 117,020. The company has a market capitalization of $1.09 billion, a P/E ratio of 15.27 and a beta of 0.75. Southside Bancshares, Inc. has a 52-week low of $29.28 and a 52-week high of $37.32. The stock’s fifty day moving average price is $33.47. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.78 and a current ratio of 0.78.

Southside Bancshares (NASDAQ:SBSI) last released its earnings results on Friday, April 26th. The bank reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.05. The business had revenue of $53.05 million for the quarter, compared to analyst estimates of $54.48 million. Southside Bancshares had a net margin of 28.23% and a return on equity of 10.37%. The business’s revenue was down 6.6% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. On average, equities research analysts anticipate that Southside Bancshares, Inc. will post 2.25 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 23rd were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend was Wednesday, May 22nd. This is an increase from Southside Bancshares’s previous quarterly dividend of $0.30. Southside Bancshares’s dividend payout ratio (DPR) is 58.77%.

Southside Bancshares Profile

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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Institutional Ownership by Quarter for Southside Bancshares (NASDAQ:SBSI)

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