Connor Clark & Lunn Investment Management Ltd. Purchases 22,687 Shares of Southside Bancshares, Inc. (NASDAQ:SBSI)

Connor Clark & Lunn Investment Management Ltd. raised its position in Southside Bancshares, Inc. (NASDAQ:SBSI) by 179.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,341 shares of the bank’s stock after acquiring an additional 22,687 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.12% of Southside Bancshares worth $1,181,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SBSI. Nisa Investment Advisors LLC lifted its stake in shares of Southside Bancshares by 54.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,099 shares of the bank’s stock worth $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 worth $86,000 after acquiring an additional 2,533 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Southside Bancshares by 48.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,043 shares of the bank’s stock worth $139,000 after acquiring an additional 1,643 shares during the last quarter. Bill Few Associates Inc. bought a new stake in shares of Southside Bancshares during the 3rd quarter valued at $222,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Southside Bancshares in the 1st quarter worth $233,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

Southside Bancshares Trading Down 1.4 %

Southside Bancshares stock opened at $35.48 on Wednesday. Southside Bancshares, Inc. has a 12-month low of $25.30 and a 12-month high of $38.00. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 12.84 and a beta of 0.55. The firm has a 50 day moving average of $33.90 and a 200 day moving average of $31.21. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.32.

Southside Bancshares (NASDAQ:SBSI) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). Southside Bancshares had a return on equity of 10.64% and a net margin of 18.94%. The firm had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $68.25 million. During the same period last year, the company earned $0.60 earnings per share. As a group, research analysts predict that Southside Bancshares, Inc. will post 2.98 earnings per share for the current year.

Southside Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be issued a $0.36 dividend. The ex-dividend date is Thursday, November 21st. This represents a $1.44 dividend on an annualized basis and a yield of 4.06%. Southside Bancshares’s dividend payout ratio is presently 51.99%.

Analysts Set New Price Targets

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

Insider Transactions at Southside Bancshares

In other Southside Bancshares news, CEO Lee R. Gibson sold 3,300 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $36.74, for a total transaction 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 represents a 5.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the insider now directly owns 9,202 shares in the company, valued at $331,272. This trade represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

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.