Southside Bancshares, Inc. (NASDAQ:SBSI) Short Interest Down 6.1% in October

Southside Bancshares, Inc. (NASDAQ:SBSI) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,470,000 shares, a decline of 6.1% from the September 30th total of 2,630,000 shares. Based on an average daily volume of 90,800 shares, the days-to-cover ratio is presently 27.2 days. Currently, 7.7% of the shares of the company are sold short.

NASDAQ SBSI traded down $0.45 on Monday, reaching $35.00. The company’s stock had a trading volume of 49,872 shares, compared to its average volume of 105,502. The firm has a market cap of $1.20 billion, a PE ratio of 16.59 and a beta of 0.70. The business has a 50-day moving average price of $34.57 and a 200 day moving average price of $33.70. Southside Bancshares has a 52 week low of $29.71 and a 52 week high of $35.97. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.21.

Southside Bancshares (NASDAQ:SBSI) last posted its earnings results on Friday, October 25th. The bank reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.01). The business had revenue of $55.29 million during the quarter, compared to the consensus estimate of $56.95 million. Southside Bancshares had a net margin of 26.61% and a return on equity of 9.79%. The business’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS. Analysts anticipate that Southside Bancshares will post 2.26 earnings per share for the current fiscal year.

The firm also recently announced a None dividend, which will be paid on Thursday, December 12th. Investors of record on Wednesday, November 27th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, November 26th. Southside Bancshares’s payout ratio is currently 58.77%.

In other news, CFO Julie Shamburger sold 1,635 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $34.84, for a total transaction of $56,963.40. Following the transaction, the chief financial officer now owns 17,237 shares in the company, valued at approximately $600,537.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John F. Sammons, Jr. acquired 1,500 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were bought at an average price of $33.18 per share, for a total transaction of $49,770.00. The disclosure for this purchase can be found here. Insiders own 5.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC grew its stake in Southside Bancshares by 477.5% during the second quarter. Advisory Services Network LLC now owns 1,155 shares of the bank’s stock worth $37,000 after buying an additional 955 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in Southside Bancshares during the second quarter worth about $58,000. US Bancorp DE grew its stake in Southside Bancshares by 9.6% during the second quarter. US Bancorp DE now owns 4,288 shares of the bank’s stock worth $139,000 after buying an additional 375 shares during the last quarter. Bank of Montreal Can grew its stake in Southside Bancshares by 166.3% during the second quarter. Bank of Montreal Can now owns 4,397 shares of the bank’s stock worth $143,000 after buying an additional 2,746 shares during the last quarter. Finally, Jefferies Group LLC bought a new stake in Southside Bancshares during the second quarter worth about $221,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently issued reports on SBSI. BidaskClub upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. ValuEngine upgraded shares of Southside Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Zacks Investment Research cut shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, November 9th.

Southside Bancshares Company 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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