Key Points
- Director Richard Campbell sold 132,714 South Plains Financial shares at an average price of $44.75, generating approximately $5.94 million. His remaining stake fell 8.59% to 1.41 million shares.
- South Plains Financial beat quarterly expectations, reporting $0.96 earnings per share versus the $0.94 consensus and $64.49 million in revenue versus $63.34 million expected.
- The company increased its quarterly dividend to $0.18 per share, or $0.72 annualized, representing a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $49.60.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 27,286 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total transaction of $1,231,690.04. Following the sale, the director directly owned 1,384,969 shares of the company's stock, valued at approximately $62,517,500.66. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
South Plains Financial Price Performance
Shares of SPFI stock opened at $45.31 on Thursday. South Plains Financial, Inc. has a 52-week low of $35.34 and a 52-week high of $46.94. The stock has a market cap of $867.51 million, a PE ratio of 12.35 and a beta of 0.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm's 50 day moving average price is $42.69 and its two-hundred day moving average price is $42.08.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its earnings results on Friday, July 17th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.94 by $0.02. The company had revenue of $64.49 million during the quarter, compared to analysts' expectations 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, analysts forecast that South Plains Financial, Inc. will post 3.77 EPS for the current year.
South Plains Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, July 27th will be paid a dividend of $0.18 per share. 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. The ex-dividend date of this dividend is Monday, July 27th. South Plains Financial's payout ratio is presently 19.62%.
Analyst Ratings Changes
Several equities analysts have weighed in on SPFI shares. Wall Street Zen raised South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $50.00 target price (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. Weiss Ratings upgraded shares of South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 29th. Finally, Piper Sandler lowered their target price on shares of South Plains Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.60.
Get Our Latest Research Report on South Plains Financial
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPFI. Royal Bank of Canada increased its holdings in shares of South Plains Financial by 71.2% in the first quarter. Royal Bank of Canada now owns 642 shares of the company's stock worth $27,000 after acquiring an additional 267 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of South Plains Financial in the 2nd quarter valued at approximately $32,000. State of Alaska Department of Revenue grew its position in shares of South Plains Financial by 138.8% in the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company's stock valued at $60,000 after purchasing an additional 913 shares during the period. Quarry LP bought a new stake in South Plains Financial during the 3rd quarter worth approximately $60,000. Finally, BNP Paribas Financial Markets increased its stake in South Plains Financial by 11.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock worth $93,000 after purchasing an additional 258 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors.
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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