Southside Bancshares, Inc. (NASDAQ:SBSI) Expected to Post Quarterly Sales of $60.20 Million
Southside #Southside
Analysts predict that Southside Bancshares, Inc. (NASDAQ:SBSI) will report $60.20 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Southside Bancshares’ earnings, with the lowest sales estimate coming in at $59.50 million and the highest estimate coming in at $60.90 million. Southside Bancshares reported sales of $55.68 million during the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The firm is expected to announce its next earnings results before the market opens on Wednesday, January 27th.
On average, analysts expect that Southside Bancshares will report full year sales of $241.90 million for the current fiscal year, with estimates ranging from $238.50 million to $245.30 million. For the next year, analysts anticipate that the business will report sales of $234.95 million, with estimates ranging from $234.80 million to $235.10 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Southside Bancshares.
Southside Bancshares (NASDAQ:SBSI) last issued its quarterly earnings results on Friday, October 23rd. The bank reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. Southside Bancshares had a return on equity of 8.68% and a net margin of 24.55%. The firm had revenue of $60.75 million for the quarter, compared to the consensus estimate of $60.85 million. During the same period in the prior year, the business posted $0.58 earnings per share. The company’s revenue for the quarter was up 10.1% on a year-over-year basis.
Several analysts recently weighed in on SBSI shares. Piper Sandler lifted their price objective on Southside Bancshares from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, October 26th. TheStreet raised shares of Southside Bancshares from a “c+” rating to a “b” rating in a research report on Monday, November 23rd.
In other Southside Bancshares news, CFO Julie Shamburger sold 1,600 shares of the stock in a transaction on Monday, November 16th. The stock was sold at an average price of $31.05, for a total transaction of $49,680.00. Following the sale, the chief financial officer now owns 18,942 shares of the company’s stock, valued at approximately $588,149.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its position in Southside Bancshares by 11.3% during the 3rd quarter. ProShare Advisors LLC now owns 280,765 shares of the bank’s stock valued at $6,859,000 after acquiring an additional 28,472 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Southside Bancshares by 4.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 208,282 shares of the bank’s stock valued at $5,774,000 after acquiring an additional 9,121 shares in the last quarter. Third Avenue Management LLC boosted its position in Southside Bancshares by 19.0% during the 3rd quarter. Third Avenue Management LLC now owns 149,269 shares of the bank’s stock valued at $3,647,000 after acquiring an additional 23,794 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Southside Bancshares by 8.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 139,271 shares of the bank’s stock valued at $3,860,000 after purchasing an additional 10,818 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of Southside Bancshares by 9.5% in the 3rd quarter. Morgan Stanley now owns 112,603 shares of the bank’s stock worth $2,751,000 after purchasing an additional 9,732 shares in the last quarter. 48.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of SBSI stock traded down $0.37 during mid-day trading on Friday, hitting $33.25. The stock had a trading volume of 4,068 shares, compared to its average volume of 124,012. Southside Bancshares has a 12-month low of $23.51 and a 12-month high of $37.19. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.75 and a quick ratio of 0.75. The firm’s 50-day moving average is $31.57 and its two-hundred day moving average is $28.39. The firm has a market capitalization of $1.10 billion, a P/E ratio of 16.01 and a beta of 0.61.
Southside Bancshares Company 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 deposit.
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