Key Points
- Director James Stein sold 100,000 South Plains Financial shares at an average price of $44.54, generating $4.454 million. His remaining stake fell 29.17% to 242,872 shares.
- South Plains Financial exceeded quarterly expectations, reporting $0.96 in earnings per share versus the $0.94 consensus and revenue of $64.49 million. The company also raised its quarterly dividend to $0.18 per share, implying a 1.6% yield.
- Analyst sentiment remains positive, with six Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $49.60 versus the stock’s reported $44.68 opening price.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director James Stein sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the sale, the director owned 242,872 shares in the company, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
South Plains Financial Stock Performance
Shares of SPFI stock opened at $44.68 on Friday. South Plains Financial, Inc. has a one year low of $35.34 and a one year high of $46.94. The stock has a market cap of $855.44 million, a P/E ratio of 12.17 and a beta of 0.46. The company has a fifty day moving average price of $42.33 and a two-hundred day moving average price of $41.94. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%.The business had revenue of $64.49 million during the quarter, compared to analysts' expectations of $63.34 million. As a group, equities analysts predict that South Plains Financial, Inc. will post 3.77 EPS for the current year.
South Plains Financial Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, July 27th will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, July 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.6%. This is a boost from South Plains Financial's previous quarterly dividend of $0.17. South Plains Financial's dividend payout ratio is 19.62%.
Hedge Funds Weigh In On South Plains Financial
Institutional investors and hedge funds have recently made changes to their positions in the stock. Deprince Race & Zollo Inc. boosted its holdings in South Plains Financial by 33.5% in the fourth quarter. Deprince Race & Zollo Inc. now owns 106,782 shares of the company's stock worth $4,143,000 after acquiring an additional 26,767 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of South Plains Financial in the 1st quarter worth $1,451,000. Quantinno Capital Management LP increased its stake in South Plains Financial by 1.6% in the 1st quarter. Quantinno Capital Management LP now owns 40,403 shares of the company's stock valued at $1,693,000 after buying an additional 623 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of South Plains Financial during the first quarter valued at approximately $201,000. Finally, Bank of New York Mellon Corp increased its position in shares of South Plains Financial by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 55,059 shares of the company's stock valued at $2,307,000 after purchasing an additional 1,072 shares during the last quarter. Institutional investors own 54.95% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on SPFI. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $50.00 target price (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Wall Street Zen raised South Plains Financial from a "sell" rating to a "hold" rating in a report on Sunday, May 10th. Weiss Ratings raised shares of South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 29th. Raymond James Financial restated an "outperform" rating and set a $50.00 price objective on shares of South Plains Financial in a research report on Monday, July 20th. Finally, Piper Sandler decreased their price target on shares of South Plains Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, April 30th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, South Plains Financial currently has an average rating of "Moderate Buy" and a consensus price target of $49.60.
Get Our Latest Stock Report on SPFI
About South Plains Financial
(
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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