Southside Bancshares, Inc. (NASDAQ:SBSI) declared a quarterly dividend on Thursday, April 26th, Zacks reports. Stockholders of record on Thursday, May 24th will be paid a dividend of 0.30 per share by the bank on Thursday, June 7th. This represents a $1.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Wednesday, May 23rd. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.28.
Southside Bancshares has raised its dividend by an average of 8.2% per year over the last three years and has increased its dividend annually for the last 20 consecutive years. Southside Bancshares has a payout ratio of 56.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Southside Bancshares to earn $2.56 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 43.8%.
Shares of Southside Bancshares opened at $33.90 on Friday, according to MarketBeat Ratings. Southside Bancshares has a 52-week low of $33.48 and a 52-week high of $33.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $1.19 billion, a PE ratio of 18.28 and a beta of 0.75.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Tuesday, May 1st. The bank reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.11). Southside Bancshares had a net margin of 23.43% and a return on equity of 8.91%. The business had revenue of $56.77 million during the quarter, compared to the consensus estimate of $56.44 million. During the same quarter in the previous year, the business posted $0.51 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. equities research analysts expect that Southside Bancshares will post 2.35 earnings per share for the current year.
SBSI has been the topic of several recent analyst reports. BidaskClub upgraded Southside Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. ValuEngine upgraded Southside Bancshares from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Finally, Zacks Investment Research upgraded Southside Bancshares from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Thursday, March 22nd. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $38.00.
In other news, CFO Julie Shamburger acquired 3,250 shares of Southside Bancshares stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $34.88 per share, for a total transaction of $113,360.00. Following the transaction, the chief financial officer now directly owns 14,164 shares of the company’s stock, valued at approximately $494,040.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 3,470 shares of company stock worth $120,768 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.
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 deposit.
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