Cornercap Investment Counsel Inc. Buys 6,772 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI)

Cornercap Investment Counsel Inc. grew its stake in shares of Southside Bancshares, Inc. (NASDAQ:SBSI) by 88.7% during the fourth quarter, HoldingsChannel reports. The firm owned 14,404 shares of the bank’s stock after purchasing an additional 6,772 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Southside Bancshares were worth $457,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Southside Bancshares by 79.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock worth $12,876,000 after acquiring an additional 170,287 shares during the period. Barclays PLC grew its stake in Southside Bancshares by 137.6% in the third quarter. Barclays PLC now owns 59,263 shares of the bank’s stock worth $1,981,000 after purchasing an additional 34,316 shares during the period. Jane Street Group LLC lifted its position in Southside Bancshares by 119.5% during the third quarter. Jane Street Group LLC now owns 53,571 shares of the bank’s stock valued at $1,791,000 after buying an additional 29,163 shares during the period. Wedge Capital Management L L P NC bought a new stake in shares of Southside Bancshares during the 4th quarter valued at $673,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Southside Bancshares by 54.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 54,482 shares of the bank’s stock worth $1,730,000 after buying an additional 19,141 shares during the period. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SBSI has been the topic of several research reports. Stephens dropped their price objective on shares of Southside Bancshares from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Raymond James began coverage on Southside Bancshares in a research report on Tuesday, January 14th. They issued a “market perform” rating on the stock. Finally, StockNews.com upgraded Southside Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Southside Bancshares Stock Performance

Shares of SBSI stock opened at $28.90 on Friday. The company has a market capitalization of $878.39 million, a price-to-earnings ratio of 9.93 and a beta of 0.56. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.76 and a current ratio of 0.76. Southside Bancshares, Inc. has a one year low of $25.30 and a one year high of $38.00. The company’s 50-day moving average is $30.63 and its 200 day moving average is $32.49.

Southside Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 20th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.98%. The ex-dividend date of this dividend was Thursday, February 20th. Southside Bancshares’s dividend payout ratio (DPR) is currently 49.48%.

Southside Bancshares 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.