South Plains Financial (NASDAQ:SPFI) Director Sells 17,809 Shares of Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 17,809 shares of South Plains Financial stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $44.06, for a total transaction of $784,664.54. Following the transaction, the director directly owned 1,332,412 shares of the company’s stock, valued at approximately $58,706,072.72. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

South Plains Financial Trading Down 2.5%

NASDAQ:SPFI traded down $1.08 during mid-day trading on Thursday, hitting $42.86. 168,971 shares of the stock traded hands, compared to its average volume of 98,760. The stock has a market capitalization of $807.91 million, a price-to-earnings ratio of 11.37 and a beta of 0.47. South Plains Financial, Inc. has a 52 week low of $35.81 and a 52 week high of $46.94. The firm’s 50 day moving average is $43.54 and its two-hundred day moving average is $42.66. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.10.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. The business had revenue of $65.27 million during the quarter, compared to the consensus estimate of $65.22 million. South Plains Financial had a net margin of 21.23% and a return on equity of 12.36%. On average, equities research analysts predict that South Plains Financial, Inc. will post 3.86 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Monday, November 2nd will be issued a $0.19 dividend. The ex-dividend date is Monday, November 2nd. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.8%. South Plains Financial’s dividend payout ratio (DPR) is currently 20.16%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reiterated a “buy” rating 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 (a-)” rating in a research note on Thursday, October 29th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $50.00 target price on shares of South Plains Financial in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $49.60.

Institutional Investors Weigh In On South Plains Financial

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in South Plains Financial by 71.2% in the 1st quarter. Royal Bank of Canada now owns 642 shares of the company’s stock worth $27,000 after acquiring an additional 267 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of South Plains Financial during the third quarter valued at approximately $62,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of South Plains Financial during the second quarter valued at approximately $103,000. Public Employees Retirement System of Ohio bought a new stake in shares of South Plains Financial during the second quarter valued at approximately $173,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of South Plains Financial in the second quarter valued at approximately $204,000. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.