South Plains Financial’s (NASDAQ:SPFI) quiet period will expire on Tuesday, June 18th. South Plains Financial had issued 3,380,000 shares in its public offering on May 9th. The total size of the offering was $59,150,000 based on an initial share price of $17.50. During the company’s quiet period, underwriters and any insiders that worked on the IPO are restricted from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several brokerages recently weighed in on SPFI. Sandler O’Neill began coverage on South Plains Financial in a research note on Monday, June 3rd. They issued a “buy” rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods began coverage on South Plains Financial in a research note on Monday, June 3rd. They issued an “outperform” rating and a $22.00 price target on the stock.
Shares of SPFI stock opened at $17.53 on Thursday. South Plains Financial has a twelve month low of $16.04 and a twelve month high of $18.70. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 1.13.
In other news, CFO Steven B. Crockett purchased 5,000 shares of South Plains Financial stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average cost of $17.50 per share, with a total value of $87,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cory T. Newsom purchased 5,500 shares of South Plains Financial stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $17.50 per share, for a total transaction of $96,250.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 11,050 shares of company stock worth $193,375.
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South Plains Financial Company Profile
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