Insider Selling: South Plains Financial (NASDAQ:SPFI) Director Sells $821,961.28 in Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 18,848 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $43.61, for a total value of $821,961.28. Following the completion of the sale, the director owned 1,366,121 shares of the company’s stock, valued at approximately $59,576,536.81. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

South Plains Financial Price Performance

Shares of NASDAQ SPFI opened at $42.45 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.97. The company has a market cap of $800.18 million, a PE ratio of 11.26 and a beta of 0.47. The business has a 50-day simple moving average of $43.51 and a two-hundred day simple moving average of $42.67. South Plains Financial, Inc. has a fifty-two week low of $35.81 and a fifty-two week high of $46.94.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Thursday, October 22nd. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.07. The firm had revenue of $65.27 million for 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%. As a group, equities analysts expect that South Plains Financial, Inc. will post 3.86 EPS for the current fiscal year.

South Plains Financial Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SPFI. BlackRock Inc. purchased a new stake in South Plains Financial in the second quarter valued at $61,644,000. Basswood Capital Management L.L.C. acquired a new position in shares of South Plains Financial in the 2nd quarter valued at about $13,426,000. Empowered Funds LLC acquired a new position in shares of South Plains Financial in the 2nd quarter valued at about $3,981,000. Corient Private Wealth LP acquired a new position in shares of South Plains Financial in the 2nd quarter valued at about $3,346,000. Finally, Renaissance Technologies LLC boosted its stake in shares of South Plains Financial by 0.9% in the first quarter. Renaissance Technologies LLC now owns 76,400 shares of the company’s stock worth $3,201,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPFI. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price objective on shares of South Plains Financial in a research note on Monday, July 20th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a research report 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, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. One investment 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 company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $49.60.

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.