Southside Bancshares, Inc. (NASDAQ:SBSI) to Issue $0.36 Quarterly Dividend

Southside Bancshares, Inc. (NASDAQ:SBSIGet Free Report) announced a quarterly dividend on Thursday, February 1st, Zacks reports. Stockholders of record on Thursday, February 15th will be given a dividend of 0.36 per share by the bank on Thursday, February 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend is Wednesday, February 14th.

Southside Bancshares has raised its dividend payment by an average of 3.9% annually over the last three years and has increased its dividend annually for the last 30 consecutive years. Southside Bancshares has a dividend payout ratio of 49.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Southside Bancshares to earn $2.97 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 48.5%.

Southside Bancshares Price Performance

Shares of SBSI opened at $30.86 on Tuesday. Southside Bancshares has a fifty-two week low of $25.38 and a fifty-two week high of $39.74. The firm’s 50 day moving average price is $31.01 and its 200 day moving average price is $29.97. The company has a market cap of $931.97 million, a P/E ratio of 10.98 and a beta of 0.56. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.13.

Southside Bancshares (NASDAQ:SBSIGet Free Report) last announced its quarterly earnings data on Friday, January 26th. The bank reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.10). The firm had revenue of $68.50 million during the quarter, compared to analysts’ expectations of $64.82 million. Southside Bancshares had a net margin of 21.92% and a return on equity of 11.59%. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. On average, research analysts forecast that Southside Bancshares will post 2.86 earnings per share for the current fiscal year.

Insider Activity at Southside Bancshares

In other Southside Bancshares news, Director Herbert C. Buie bought 1,990 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was bought at an average price of $32.52 per share, for a total transaction of $64,714.80. Following the completion of the transaction, the director now owns 407,501 shares in the company, valued at approximately $13,251,932.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Southside Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of SBSI. Point72 Asset Management L.P. purchased a new stake in Southside Bancshares in the second quarter valued at approximately $38,000. Point72 Middle East FZE purchased a new stake in Southside Bancshares in the second quarter valued at approximately $48,000. Tower Research Capital LLC TRC grew its holdings in Southside Bancshares by 305.8% in the third quarter. Tower Research Capital LLC TRC now owns 1,944 shares of the bank’s stock valued at $56,000 after purchasing an additional 1,465 shares during the period. Quantbot Technologies LP purchased a new stake in Southside Bancshares in the second quarter valued at approximately $105,000. Finally, Jane Street Group LLC purchased a new stake in Southside Bancshares in the second quarter valued at approximately $233,000. 57.48% of the stock is currently owned by hedge funds and other institutional investors.

About Southside Bancshares

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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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Dividend History for Southside Bancshares (NASDAQ:SBSI)

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