Richard Campbell Sells 27,286 Shares of South Plains Financial (NASDAQ:SPFI) Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 27,286 shares of South Plains Financial stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total value of $1,231,690.04. Following the completion of the sale, the director owned 1,384,969 shares in the company, valued at approximately $62,517,500.66. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

South Plains Financial Stock Performance

Shares of SPFI stock opened at $45.04 on Friday. The stock has a fifty day moving average of $42.78 and a 200 day moving average of $42.11. South Plains Financial, Inc. has a 52 week low of $35.34 and a 52 week high of $46.94. The firm has a market capitalization of $862.52 million, a price-to-earnings ratio of 12.27 and a beta of 0.46. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12.

South Plains Financial (NASDAQ:SPFI) last released its quarterly 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 company had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. As a group, research analysts expect that South Plains Financial, Inc. will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, July 27th will be given a $0.18 dividend. The ex-dividend date of this dividend is Monday, July 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s payout ratio is presently 19.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPFI. Bank of New York Mellon Corp purchased a new stake in South Plains Financial in the 2nd quarter worth approximately $2,755,000. Wedge Capital Management L L P NC bought a new stake in shares of South Plains Financial during the 2nd quarter valued at $2,410,000. Legacy Wealth Management LLC MS purchased a new position in shares of South Plains Financial during the 2nd quarter valued at $1,659,000. Bank of America Corp DE boosted its holdings in South Plains Financial by 26.9% in the 1st quarter. Bank of America Corp DE now owns 21,508 shares of the company’s stock worth $901,000 after buying an additional 4,559 shares during the period. Finally, Janus Henderson Group PLC bought a new position in South Plains Financial in the 1st quarter worth $201,000. 54.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SPFI shares. Wall Street Zen raised South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective on shares of South Plains Financial in a report on Monday, July 20th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $50.00 target price (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. 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 reiterated a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.