South Plains Financial (NASDAQ:SPFI) Director James Stein Sells 100,000 Shares

South Plains Financial, Inc. (NASDAQ:SPFI) Director James Stein sold 100,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the completion of the sale, the director owned 242,872 shares in the company, valued at approximately $10,817,518.88. This trade represents a 29.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

South Plains Financial Stock Down 0.9%

SPFI stock opened at $44.68 on Friday. South Plains Financial, Inc. has a 12 month low of $35.34 and a 12 month high of $46.94. The firm has a 50 day simple moving average of $42.33 and a 200 day simple moving average of $41.94. The firm has a market cap of $855.44 million, a PE ratio of 12.17 and a beta of 0.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. The business had revenue of $64.49 million for the quarter, compared to analysts’ expectations of $63.34 million. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%. Equities research analysts forecast that South Plains Financial, Inc. will post 3.77 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, July 27th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, July 27th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s dividend payout ratio is presently 19.62%.

Institutional Trading of South Plains Financial

Several hedge funds have recently modified their holdings of SPFI. Royal Bank of Canada boosted its stake in shares of South Plains Financial by 71.2% in the 1st quarter. Royal Bank of Canada now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 267 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of South Plains Financial in the 2nd quarter valued at $32,000. State of Alaska Department of Revenue raised its position in shares of South Plains Financial by 138.8% during the fourth quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock worth $60,000 after purchasing an additional 913 shares during the period. Quarry LP acquired a new stake in South Plains Financial during the 3rd quarter worth approximately $60,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after acquiring an additional 258 shares during the period. 54.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price objective on shares of South Plains Financial in a research note on Monday, July 20th. Weiss Ratings upgraded South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 29th. Wall Street Zen upgraded South Plains Financial from a “sell” rating to a “hold” rating in a research note on Sunday, May 10th. Piper Sandler decreased 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, Benchmark restated a “buy” rating on shares of South Plains Financial in a research report on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.60.

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.