Southside Bancshares, Inc. (NASDAQ:SBSI) Expected to Announce Earnings of $0.64 Per Share

Wall Street brokerages forecast that Southside Bancshares, Inc. (NASDAQ:SBSI) will post earnings of $0.64 per share for the current quarter, Zacks reports. Two analysts have made estimates for Southside Bancshares’ earnings. The lowest EPS estimate is $0.61 and the highest is $0.67. Southside Bancshares reported earnings of $0.51 per share in the same quarter last year, which indicates a positive year over year growth rate of 25.5%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Wednesday, January 27th.

According to Zacks, analysts expect that Southside Bancshares will report full-year earnings of $2.22 per share for the current financial year, with EPS estimates ranging from $2.19 to $2.25. For the next year, analysts forecast that the firm will report earnings of $2.27 per share, with EPS estimates ranging from $2.18 to $2.35. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Southside Bancshares.

Southside Bancshares (NASDAQ:SBSI) last released its quarterly earnings results on Friday, October 23rd. The bank reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.26. The firm had revenue of $60.75 million during the quarter, compared to analyst estimates of $60.85 million. Southside Bancshares had a return on equity of 8.68% and a net margin of 24.55%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS.

Several research analysts have recently commented on SBSI shares. Piper Sandler boosted their price target on Southside Bancshares from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, October 26th. TheStreet raised Southside Bancshares from a “c+” rating to a “b” rating in a research report on Monday, November 23rd.

In related news, CFO Julie Shamburger sold 1,600 shares of the company’s stock in a transaction dated Monday, November 16th. The stock was sold at an average price of $31.05, for a total value of $49,680.00. Following the completion of the transaction, the chief financial officer now owns 18,942 shares of the company’s stock, valued at approximately $588,149.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBSI. Bank of Montreal Can raised its holdings in shares of Southside Bancshares by 169.4% during the second quarter. Bank of Montreal Can now owns 4,402 shares of the bank’s stock valued at $108,000 after acquiring an additional 2,768 shares during the last quarter. TD Asset Management Inc. acquired a new position in shares of Southside Bancshares during the second quarter valued at approximately $444,000. Balyasny Asset Management LLC acquired a new position in shares of Southside Bancshares during the second quarter valued at approximately $439,000. Tudor Investment Corp Et Al acquired a new position in shares of Southside Bancshares during the second quarter valued at approximately $307,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Southside Bancshares during the second quarter valued at approximately $888,000. 48.06% of the stock is owned by institutional investors.

Shares of SBSI traded down $0.37 during trading hours on Wednesday, hitting $33.25. The company had a trading volume of 3,962 shares, compared to its average volume of 124,012. The company has a market capitalization of $1.10 billion, a PE ratio of 16.01 and a beta of 0.61. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.37. Southside Bancshares has a one year low of $23.51 and a one year high of $37.19. The company’s fifty day moving average price is $31.57 and its two-hundred day moving average price is $28.39.

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.

Featured Article: What is a recession?

Get a free copy of the Zacks research report on Southside Bancshares (SBSI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Southside Bancshares Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Southside Bancshares and related companies with MarketBeat.com’s FREE daily email newsletter.