Key Points
- Director James Stein sold 13,504 shares of South Plains Financial stock on May 18 for about $540,295, trimming his ownership by 3.77%. He still directly owns 344,432 shares valued at roughly $13.78 million.
- The company’s latest quarterly results showed EPS of $0.85, missing analyst expectations by $0.03, while revenue of $54.15 million was roughly in line with forecasts. Analysts still expect South Plains Financial to earn 3.79 EPS for the full year.
- South Plains Financial recently paid a $0.17 quarterly dividend and has a newly authorized $10 million share buyback plan. The stock has a consensus analyst rating of Moderate Buy with an average price target of $46.25.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director James Stein sold 1,560 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $40.07, for a total transaction of $62,509.20. Following the transaction, the director directly owned 342,872 shares of the company's stock, valued at $13,738,881.04. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
South Plains Financial Trading Up 0.0%
NASDAQ SPFI opened at $40.09 on Thursday. The stock has a market capitalization of $767.72 million, a P/E ratio of 11.23 and a beta of 0.48. South Plains Financial, Inc. has a 52-week low of $33.66 and a 52-week high of $45.09. The firm has a 50-day moving average price of $41.78 and a 200 day moving average price of $40.62. 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 - 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). The firm had revenue of $54.15 million for the quarter, compared to analysts' expectations of $54.08 million. South Plains Financial had a return on equity of 12.58% and a net margin of 20.22%. Equities research analysts expect that South Plains Financial, Inc. will post 3.79 EPS for the current year.
South Plains Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, April 27th were issued 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 is currently 19.05%.
South Plains Financial declared that its board has initiated a stock repurchase program on Monday, February 23rd that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to purchase up to 1.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in SPFI. JPMorgan Chase & Co. boosted its position in South Plains Financial by 15.0% during the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company's stock worth $16,994,000 after acquiring an additional 57,008 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. acquired a new stake in South Plains Financial during the third quarter worth approximately $1,624,000. First Trust Advisors LP boosted its position in South Plains Financial by 349.0% during the third quarter. First Trust Advisors LP now owns 46,503 shares of the company's stock worth $1,797,000 after acquiring an additional 36,147 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in South Plains Financial during the first quarter worth approximately $1,451,000. Finally, Two Sigma Investments LP boosted its position in South Plains Financial by 63.3% during the third quarter. Two Sigma Investments LP now owns 76,792 shares of the company's stock worth $2,968,000 after acquiring an additional 29,767 shares during the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on SPFI shares. Zacks Research lowered shares of South Plains Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 27th. Wall Street Zen upgraded shares of South Plains Financial from a "sell" rating to a "hold" rating in a research report on Sunday, May 10th. Weiss Ratings upgraded shares of South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, May 8th. Hovde Group upped their target price on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 27th. Finally, Piper Sandler lowered their target price 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. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.25.
Get Our Latest Report on South Plains Financial
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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