South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) Director James Stein sold 13,504 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $40.01, for a total transaction of $540,295.04. Following the transaction, the director directly owned 344,432 shares of the company’s stock, valued at approximately $13,780,724.32. This trade represents a 3.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
South Plains Financial Trading Up 0.1%
Shares of SPFI stock opened at $40.13 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $768.49 million, a PE ratio of 11.24 and a beta of 0.48. The company has a 50-day moving average of $41.77 and a two-hundred day moving average of $40.64. South Plains Financial, Inc. has a 1-year low of $33.66 and a 1-year high of $45.09.
South Plains Financial (NASDAQ:SPFI – Get Free Report) last announced its 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 for the quarter, compared to analysts’ expectations of $54.08 million. South Plains Financial had a return on equity of 12.58% and a net margin of 20.22%. On average, analysts predict that South Plains Financial, Inc. will post 3.79 EPS for the current year.
South Plains Financial Announces Dividend
South Plains Financial declared that its Board of Directors has authorized a stock buyback program on Monday, February 23rd that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Weiss Ratings raised shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, May 8th. Zacks Research cut shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 27th. Piper Sandler reduced their price target on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, April 30th. Finally, Hovde Group increased their price target on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.25.
Read Our Latest Stock Analysis on SPFI
Institutional Trading of South Plains Financial
Several hedge funds have recently made changes to their positions in SPFI. JPMorgan Chase & Co. raised its holdings in South Plains Financial by 15.0% in the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock valued at $16,994,000 after acquiring an additional 57,008 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. acquired a new stake in South Plains Financial in the third quarter valued at approximately $1,624,000. First Trust Advisors LP raised its holdings in South Plains Financial by 349.0% in the third quarter. First Trust Advisors LP now owns 46,503 shares of the company’s stock valued at $1,797,000 after acquiring an additional 36,147 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in South Plains Financial in the first quarter valued at approximately $1,451,000. Finally, Two Sigma Investments LP raised its holdings in South Plains Financial by 63.3% in the third quarter. Two Sigma Investments LP now owns 76,792 shares of the company’s stock valued at $2,968,000 after acquiring an additional 29,767 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.
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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