Key Points
- Director James Stein sold 10,000 shares of South Plains Financial (NASDAQ:SPFI) at an average price of $40.38, totaling about $403,800. After the sale, he still held 362,872 shares, a position worth roughly $14.65 million.
- SPFI shares were slightly lower, opening at $39.39 and trading down about 0.5% as the article noted. The stock remains near its recent range, with a 12-month high of $45.09 and low of $33.66.
- Recent fundamentals and shareholder returns were mixed: the company missed quarterly EPS expectations by $0.03 but beat revenue estimates slightly, and it also paid a quarterly dividend of $0.17 while maintaining a share repurchase program authorized for up to $10 million.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director James Stein sold 4,936 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $40.06, for a total value of $197,736.16. Following the completion of the transaction, the director owned 357,936 shares in the company, valued at $14,338,916.16. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
South Plains Financial Stock Down 0.5%
NASDAQ:SPFI opened at $39.39 on Wednesday. South Plains Financial, Inc. has a 12-month low of $33.66 and a 12-month high of $45.09. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $754.32 million, a P/E ratio of 11.03 and a beta of 0.48. The stock's fifty day simple moving average is $42.01 and its 200-day simple moving average is $40.51.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). South Plains Financial had a return on equity of 12.58% and a net margin of 20.22%.The company had revenue of $54.15 million during the quarter, compared to the consensus estimate of $54.08 million. Equities research analysts expect that South Plains Financial, Inc. will post 3.79 earnings per share for the current year.
South Plains Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, April 27th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, April 27th. South Plains Financial's dividend payout ratio (DPR) is presently 19.05%.
South Plains Financial announced that its Board of Directors has approved a stock buyback program on Monday, February 23rd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Institutional Trading of South Plains Financial
Several hedge funds and other institutional investors have recently modified their holdings of SPFI. State of Alaska Department of Revenue acquired a new stake in shares of South Plains Financial in the 3rd quarter valued at about $25,000. Raymond James Financial Inc. acquired a new stake in shares of South Plains Financial in the 2nd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of South Plains Financial in the 3rd quarter valued at about $57,000. Quarry LP acquired a new stake in shares of South Plains Financial in the 3rd quarter valued at about $60,000. Finally, CWM LLC raised its stake in shares of South Plains Financial by 26.3% in the 3rd quarter. CWM LLC now owns 2,119 shares of the company's stock valued at $82,000 after purchasing an additional 441 shares during the period. Institutional investors and hedge funds own 54.95% of the company's stock.
Wall Street Analysts Forecast Growth
SPFI has been the topic of several research analyst reports. Weiss Ratings raised South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday. Piper Sandler dropped their price objective on South Plains Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. Zacks Research downgraded South Plains Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 27th. Hovde Group raised their price objective on South Plains Financial from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 27th. Finally, Wall Street Zen raised South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, South Plains Financial currently has a consensus rating of "Moderate Buy" and an average target price of $46.25.
Read Our Latest Research Report on SPFI
South Plains Financial Company Profile
(
Get Free Report)
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.
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