Corebridge Financial Inc. Decreases Position in Southside Bancshares, Inc. (NASDAQ:SBSI)

Corebridge Financial Inc. trimmed its holdings in Southside Bancshares, Inc. (NASDAQ:SBSI) by 7.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 15,283 shares of the bank’s stock after selling 1,192 shares during the quarter. Corebridge Financial Inc.’s holdings in Southside Bancshares were worth $485,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of Southside Bancshares by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 671,666 shares of the bank’s stock valued at $22,458,000 after buying an additional 3,097 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Southside Bancshares by 79.3% in the third quarter. JPMorgan Chase & Co. now owns 385,154 shares of the bank’s stock valued at $12,876,000 after acquiring an additional 170,287 shares during the last quarter. American Century Companies Inc. lifted its position in Southside Bancshares by 4.6% in the fourth quarter. American Century Companies Inc. now owns 282,254 shares of the bank’s stock valued at $8,964,000 after acquiring an additional 12,345 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Southside Bancshares by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 138,159 shares of the bank’s stock worth $4,388,000 after purchasing an additional 4,018 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Southside Bancshares by 1.4% in the 4th quarter. Rhumbline Advisers now owns 87,307 shares of the bank’s stock valued at $2,773,000 after purchasing an additional 1,244 shares during the last quarter. 55.70% of the stock is currently owned by hedge funds and other institutional investors.

Southside Bancshares Stock Performance

NASDAQ SBSI opened at $26.55 on Wednesday. The firm has a market cap of $806.70 million, a P/E ratio of 9.12 and a beta of 0.58. Southside Bancshares, Inc. has a 52-week low of $25.30 and a 52-week high of $38.00. The business’s 50-day moving average price is $29.91 and its 200 day moving average price is $32.15. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.18.

Southside Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Thursday, February 20th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $1.44 annualized dividend and a dividend yield of 5.42%. Southside Bancshares’s dividend payout ratio (DPR) is currently 49.48%.

Analyst Upgrades and Downgrades

SBSI has been the topic of a number of research reports. Raymond James began coverage on Southside Bancshares in a research note on Tuesday, January 14th. They set a “market perform” rating on the stock. StockNews.com lowered shares of Southside Bancshares from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Stephens reduced their price target on shares of Southside Bancshares from $38.00 to $37.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th.

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.