Southside Bancshares hikes dividend by 3.1%

Southside Bancshares (SBSI) will raise its quarterly dividend by 3.1 percent to 33 cents per share in 2021. This follows a dividend hike of 3.2 percent to 32 cents per share in 2020. Also a 5 cent per share special dividend was paid by the bank holding company last year. Southside Bancshares has now raised its dividend for 27 consecutive years. 

The next dividend will be payable on June 3, 2021, to common stock shareholders of record on May 20, 2021. A new regular annual dividend rate of $1.32 per share yields 3.1% at a stock price of $42.27. 

Southside Bancshares pays an estimated $44 million in dividends annualy to its shareholders. The last hiked its dividend by double digits in 2017 with a 12.0 percent increase announced that year.

Southside Bancshares, Inc. is a bank holding company that owns 100% of Southside Bank, a Texas community bank. Southside Bank is headquartered in Tyler and operates branches in East, North, Central and Southeast Texas. The company is a preferred lender in Tyler, East & Southeast Texas, the DFW metroplex and Austin. Southside also operates a network of local ATMs/ITMs and is affiliated with thousands of foreign ATMs worldwide.