Thrivent Financial for Lutherans Grows Stake in Southside Bancshares, Inc. (NASDAQ:SBSI)

Thrivent Financial for Lutherans raised its stake in Southside Bancshares, Inc. (NASDAQ:SBSI) by 73.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 59,801 shares of the bank’s stock after acquiring an additional 25,350 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Southside Bancshares were worth $1,999,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SBSI. Nisa Investment Advisors LLC raised its position in Southside Bancshares by 54.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock valued at $30,000 after purchasing an additional 387 shares during the period. CWM LLC raised its position in Southside Bancshares by 447.5% in the second quarter. CWM LLC now owns 3,099 shares of the bank’s stock valued at $86,000 after purchasing an additional 2,533 shares during the period. Point72 Asset Management L.P. raised its position in Southside Bancshares by 48.3% in the second quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock valued at $139,000 after purchasing an additional 1,643 shares during the period. Bill Few Associates Inc. purchased a new position in Southside Bancshares in the third quarter valued at about $222,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Southside Bancshares in the first quarter valued at about $233,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Stock Down 0.8 %

Shares of Southside Bancshares stock opened at $35.21 on Friday. The business has a 50-day moving average of $33.96 and a 200-day moving average of $31.29. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $1.07 billion, a PE ratio of 12.71 and a beta of 0.55. Southside Bancshares, Inc. has a 1-year low of $25.30 and a 1-year high of $38.00.

Southside Bancshares (NASDAQ:SBSI) last announced its earnings results on Thursday, October 24th. The bank reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). The business had revenue of $113.87 million for the quarter, compared to analyst estimates 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 business earned $0.60 earnings per share. As a group, equities analysts forecast that Southside Bancshares, Inc. will post 2.98 EPS for the current fiscal year.

Southside Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, November 21st. This represents a $1.44 annualized dividend and a dividend yield of 4.09%. Southside Bancshares’s dividend payout ratio is presently 51.99%.

Insider Buying and Selling

In related news, insider Suni M. Davis sold 2,220 shares of Southside Bancshares stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.00, for a total value of $79,920.00. Following the completion of the transaction, the insider now directly owns 9,202 shares in the company, valued at approximately $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lee R. Gibson sold 3,300 shares of Southside Bancshares stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $36.74, for a total value of $121,242.00. Following the completion of the transaction, the chief executive officer now owns 57,272 shares of the company’s stock, valued at $2,104,173.28. This trade represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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 deposits.