South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) Director James Stein sold 4,936 shares of South Plains Financial stock in a transaction on Monday, May 11th. The shares were sold at an average price of $40.06, for a total value of $197,736.16. Following the completion of the transaction, the director owned 357,936 shares of the company’s stock, valued at approximately $14,338,916.16. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
South Plains Financial Price Performance
Shares of NASDAQ SPFI opened at $39.11 on Friday. The stock has a market cap of $748.96 million, a PE ratio of 10.96 and a beta of 0.48. South Plains Financial, Inc. has a fifty-two week low of $33.66 and a fifty-two week high of $45.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a fifty day moving average of $41.89 and a 200-day moving average of $40.52.
South Plains Financial (NASDAQ:SPFI – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $54.15 million during the quarter, compared to analysts’ expectations of $54.08 million. South Plains Financial had a net margin of 20.22% and a return on equity of 12.58%. Equities research analysts anticipate that South Plains Financial, Inc. will post 3.79 earnings per share for the current year.
South Plains Financial Dividend Announcement
South Plains Financial declared that its Board of Directors has authorized a stock buyback plan on Monday, February 23rd that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On South Plains Financial
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPFI. JPMorgan Chase & Co. grew its position in South Plains Financial by 15.0% during the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock worth $16,994,000 after buying an additional 57,008 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new position in shares of South Plains Financial in the 3rd quarter worth about $1,624,000. First Trust Advisors LP boosted its holdings in shares of South Plains Financial by 349.0% in the 3rd quarter. First Trust Advisors LP now owns 46,503 shares of the company’s stock worth $1,797,000 after purchasing an additional 36,147 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of South Plains Financial in the 1st quarter worth about $1,451,000. Finally, Two Sigma Investments LP boosted its holdings in shares of South Plains Financial by 63.3% in the 3rd quarter. Two Sigma Investments LP now owns 76,792 shares of the company’s stock worth $2,968,000 after purchasing an additional 29,767 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
SPFI has been the subject of several recent research reports. Piper Sandler reduced their price target on South Plains Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Hovde Group boosted their target price on South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Zacks Research cut South Plains Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 27th. Wall Street Zen upgraded South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Finally, Weiss Ratings upgraded South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, May 8th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.25.
Check Out Our Latest Research Report on South Plains Financial
South Plains Financial Company 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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