TYLER, Texas - Southside Bancshares , Inc. (NASDAQ:SBSI), the holding company for Southside Bank, has declared a quarterly cash dividend for its shareholders. The announcement, made today, specified a dividend of $0.36 per common share, which is scheduled to be paid on June 6, 2024, to shareholders of record as of May 23, 2024.
Southside Bancshares, Inc., with assets totaling approximately $8.35 billion as of March 31, 2024, is headquartered in Tyler, Texas. The company operates Southside Bank, which runs a network of 54 branches and 73 ATMs/ITMs across East Texas, Southeast Texas, and the larger metropolitan areas of Dallas/Fort Worth, Austin, and Houston. Since its inception in 1960, Southside Bank has aimed to serve the community by providing a wide range of financial products and services. These offerings include consumer and commercial loans, mortgages, deposit accounts, and various online and mobile banking services.
The bank's commitment to its customers is reflected in its comprehensive financial solutions that cater to both individual and business needs. Southside Bank's services extend to treasury management, wealth management, trust services, brokerage services, and the provision of safe deposit boxes.
Investors and interested parties can access detailed information about Southside Bancshares, Inc. on the company's investor relations website. This platform offers an in-depth look at the company's activities, financial data, and historical stock price information.
InvestingPro Insights
As Southside Bancshares, Inc. (NASDAQ:SBSI) continues to provide value to its shareholders with the latest dividend announcement, it's important to consider key financial metrics that offer a deeper understanding of the company's performance. With a market capitalization of $848.27 million and a Price/Earnings (P/E) ratio of 10.31, SBSI appears to be valued reasonably in the market as of Q1 2024. The company's revenue for the last twelve months stands at $239.29 million, though it has experienced a revenue decline of -6.54% during this period. Despite this, the bank's operating income margin remains strong at 42.71%, indicating efficient management and profitability.
Investors looking for income-generating stocks might find SBSI's dividend yield of 6.5% particularly attractive. This is supported by the company's history of dividend reliability, as evidenced by one of the InvestingPro Tips highlighting that SBSI has raised its dividend for 10 consecutive years and maintained dividend payments for 27 consecutive years. Another tip suggests that analysts predict the company will be profitable this year, which could reassure investors looking for stable returns.
For those interested in further analysis, InvestingPro offers additional insights with a total of 6 tips available for SBSI, which can be accessed at https://www.investing.com/pro/SBSI. Remember, by using the coupon code PRONEWS24, readers can get an extra 10% off on a yearly or biyearly Pro and Pro+ subscription, providing even more value to those seeking comprehensive investment data and analysis.
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