8,531 Shares in Southside Bancshares, Inc. (NASDAQ:SBSI) Bought by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC bought a new position in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,531 shares of the bank’s stock, valued at approximately $276,000.

Several other institutional investors and hedge funds have also bought and sold shares of SBSI. CWM LLC raised its holdings in Southside Bancshares by 447.5% during the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock worth $86,000 after buying an additional 2,533 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Southside Bancshares by 33.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 18,621 shares of the bank’s stock worth $514,000 after buying an additional 4,631 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Southside Bancshares by 54.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $30,000 after buying an additional 387 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Southside Bancshares by 4.0% during the second quarter. Victory Capital Management Inc. now owns 19,310 shares of the bank’s stock worth $533,000 after buying an additional 751 shares during the last quarter. Finally, Quest Partners LLC raised its holdings in Southside Bancshares by 835.1% during the second quarter. Quest Partners LLC now owns 23,826 shares of the bank’s stock worth $658,000 after buying an additional 21,278 shares during the last quarter. 55.70% of the stock is owned by institutional investors.

Insider Activity

In related news, 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 in the company, valued at approximately $2,104,173.28. This trade represents a 5.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Suni M. Davis sold 2,220 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.00, for a total transaction of $79,920.00. Following the sale, the insider now owns 9,202 shares of the company’s stock, valued at $331,272. This trade represents a 19.44 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by corporate insiders.

Southside Bancshares Stock Performance

Shares of SBSI stock opened at $35.16 on Friday. The firm has a 50-day moving average of $34.42 and a 200-day moving average of $31.89. The company has a market cap of $1.07 billion, a P/E ratio of 12.69 and a beta of 0.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70. Southside Bancshares, Inc. has a one year low of $25.30 and a one year high of $38.00.

Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Thursday, October 24th. The bank reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). The firm had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. Southside Bancshares had a net margin of 18.94% and a return on equity of 10.64%. During the same quarter in the prior year, the company earned $0.60 EPS. Equities research analysts forecast that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Thursday, November 21st were issued a $0.36 dividend. The ex-dividend date was Thursday, November 21st. This represents a $1.44 annualized dividend and a dividend yield of 4.10%. Southside Bancshares’s dividend payout ratio is currently 51.99%.

Wall Street Analyst Weigh In

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

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 deposits.