Southside Bancshares Inc.
) hit a new 52-week high, touching $26.09 in the first half of
the trading session on Aug 7. However, the stock closed the
session at $25.61, reflecting a year-to-date return of 27.2%. The
trading volume for the session was 53,730 shares.
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
bank has considerable upside left, given its positive estimate
revisions over the past 30 days.
Southside Bancshares' impressive price performance reflects solid
second-quarter 2013 results, including positive earnings surprise
of 36.6%, improving capital ratios and growth in average loans
On Jul 25, Southside Bancshares declared earnings per share of 56
cents, beating the Zacks Consensus Estimate of 41 cents and
higher than the prior-year quarter figure of 42 cents.
Southside Bancshares' net income of $10.1 million was up 30.3%
from the year-ago quarter. The rise was primarily driven by
higher net interest income, decreases in provision for loan
losses and Federal Home Loan Bank (FHLB) impairment charges,
partially offset by increased operating expense. Further, net
interest margin improved 26 basis points to 3.47% from the
prior-quarter figure of 3.21%.
Estimate Revisions Show Potency
In the last 30 days, the Zacks Consensus Estimate for 2013
increased 19.6% to $1.65 per share. For 2014, the Zacks Consensus
Estimate advanced marginally to $1.25 per share over the same
Other Stocks to Consider
Some other banks that are worth considering include
Prosperity Bancshares Inc.
First Financial Bankshares Inc.
Southwest Bancorp Inc.
). While Prosperity Bancshares has a Zacks Rank #1 (Strong Buy),
both First Financial and Southwest Bancorp carry a Zacks
Rank #2 (Buy).
FIRST FIN BK-TX (FFIN): Free Stock Analysis
SOUTHWEST BC-OK (OKSB): Free Stock Analysis
PROSPERITY BCSH (PB): Free Stock Analysis
SOUTHSIDE BANCS (SBSI): Free Stock Analysis
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