South Plains Financial, Inc. $SPFI Shares Sold by Venturi Wealth Management LLC

Venturi Wealth Management LLC lessened its stake in South Plains Financial, Inc. (NASDAQ:SPFI) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 71,377 shares of the company’s stock after selling 1,908 shares during the quarter. Venturi Wealth Management LLC owned 0.44% of South Plains Financial worth $2,572,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in South Plains Financial by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 678,579 shares of the company’s stock worth $22,475,000 after purchasing an additional 15,942 shares during the period. Acadian Asset Management LLC raised its holdings in South Plains Financial by 1.9% in the 1st quarter. Acadian Asset Management LLC now owns 293,144 shares of the company’s stock worth $9,704,000 after purchasing an additional 5,568 shares during the period. American Century Companies Inc. raised its holdings in South Plains Financial by 11.5% in the 1st quarter. American Century Companies Inc. now owns 276,923 shares of the company’s stock worth $9,172,000 after purchasing an additional 28,467 shares during the period. Invesco Ltd. raised its holdings in South Plains Financial by 352.5% in the 1st quarter. Invesco Ltd. now owns 92,768 shares of the company’s stock worth $3,072,000 after purchasing an additional 72,269 shares during the period. Finally, Empowered Funds LLC raised its holdings in 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 during the period. Institutional investors and hedge funds own 54.95% of the company’s stock.

South Plains Financial Trading Down 1.3%

SPFI opened at $38.30 on Wednesday. South Plains Financial, Inc. has a one year low of $30.01 and a one year high of $42.38. The stock has a market capitalization of $621.99 million, a PE ratio of 11.97 and a beta of 0.65. The business’s 50 day moving average price is $39.21 and its 200 day moving average price is $36.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 0.94.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings data on Wednesday, July 16th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. South Plains Financial had a return on equity of 12.27% and a net margin of 18.59%.The firm had revenue of $54.67 million for the quarter, compared to analysts’ expectations of $52.24 million. During the same period in the prior year, the firm posted $0.66 earnings per share. As a group, equities research analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, July 28th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.7%. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.15. The ex-dividend date was Monday, July 28th. South Plains Financial’s payout ratio is currently 20.00%.

Insider Buying and Selling

In other South Plains Financial news, Director Richard D. Campbell sold 44,417 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $40.21, for a total transaction of $1,786,007.57. Following the transaction, the director directly owned 1,544,969 shares in the company, valued at $62,123,203.49. This represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 25.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on SPFI shares. Zacks Research lowered South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of South Plains Financial in a research note on Saturday, September 27th. Finally, Raymond James Financial restated an “outperform” rating and issued a $42.00 price target (up from $38.00) on shares of South Plains Financial in a research report on Thursday, July 17th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.67.

South Plains Financial Profile

South Plains Financial, Inc operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company operates through two segments, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.