Globeflex Capital L P bought a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,588 shares of the company’s stock, valued at approximately $1,016,000. Globeflex Capital L P owned 0.13% of South Plains Financial as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock valued at $234,000 after purchasing an additional 312 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of South Plains Financial by 0.4% in the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock worth $2,956,000 after purchasing an additional 398 shares in the last quarter. Jane Street Group LLC acquired a new stake in South Plains Financial during the first quarter valued at approximately $315,000. Rhumbline Advisers boosted its holdings in South Plains Financial by 14.0% during the second quarter. Rhumbline Advisers now owns 20,622 shares of the company’s stock worth $743,000 after buying an additional 2,532 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in South Plains Financial during the second quarter worth approximately $106,000. 54.95% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
SPFI has been the topic of several research reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price target on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Piper Sandler decreased their target price on South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $50.00 target price (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Finally, Wall Street Zen raised South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.60.
Insiders Place Their Bets
In related news, Director Richard D. Campbell sold 132,714 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $44.75, for a total transaction of $5,938,951.50. Following the transaction, the director directly owned 1,412,255 shares of the company’s stock, valued at approximately $63,198,411.25. The trade was a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James D. Stein sold 100,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the sale, the director directly owned 242,872 shares of the company’s stock, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 260,000 shares of company stock worth $11,624,642 in the last quarter. 24.29% of the stock is currently owned by corporate insiders.
South Plains Financial Stock Down 0.5%
SPFI stock opened at $44.00 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market capitalization of $828.96 million, a P/E ratio of 11.99 and a beta of 0.46. South Plains Financial, Inc. has a 52-week low of $35.34 and a 52-week high of $46.94. The company’s 50 day simple moving average is $43.68 and its 200-day simple moving average is $42.39.
South Plains Financial (NASDAQ:SPFI – Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 12.36%. The firm had revenue of $64.49 million during the quarter, compared to analyst estimates of $63.34 million. As a group, equities research analysts anticipate that South Plains Financial, Inc. will post 3.77 EPS for the current year.
South Plains Financial Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, July 27th were issued a dividend of $0.18 per share. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, July 27th. South Plains Financial’s dividend payout ratio is presently 19.62%.
South Plains Financial Profile
South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.
The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.
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