Key Points
- Director Richard Campbell sold 15,900 shares for about $699,918 at an average price of $44.02, reducing his stake by 1.16%; he still owns 1,350,221 shares.
- South Plains Financial beat quarterly earnings expectations, reporting $1.06 per share versus analysts’ $0.99 estimate, with revenue of $65.27 million.
- The company raised its quarterly dividend from $0.18 to $0.19 per share, equivalent to an annualized dividend of $0.76 and a 1.8% yield.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 15,900 shares of the company's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $44.02, for a total transaction of $699,918.00. Following the completion of the transaction, the director owned 1,350,221 shares of the company's stock, valued at $59,436,728.42. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
South Plains Financial Stock Down 2.5%
SPFI opened at $42.86 on Friday. The stock has a market cap of $807.91 million, a PE ratio of 11.37 and a beta of 0.47. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. South Plains Financial, Inc. has a 52 week low of $35.81 and a 52 week high of $46.94. The business's fifty day simple moving average is $43.54 and its 200 day simple moving average is $42.66.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. South Plains Financial had a return on equity of 12.36% and a net margin of 21.23%. The business had revenue of $65.27 million for the quarter, compared to the consensus estimate of $65.22 million. As a group, research analysts expect that South Plains Financial, Inc. will post 3.86 earnings per share for the current fiscal year.
South Plains Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Monday, November 2nd will be given a dividend of $0.19 per share. This is a boost from South Plains Financial's previous quarterly dividend of $0.18. The ex-dividend date is Monday, November 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.8%. South Plains Financial's dividend payout ratio is currently 20.16%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of South Plains Financial in the second quarter worth about $61,644,000. Y Intercept Hong Kong Ltd purchased a new stake in South Plains Financial during the 1st quarter valued at about $1,451,000. Legacy Wealth Management LLC MS purchased a new stake in South Plains Financial during the 2nd quarter valued at about $1,659,000. Bank of America Corp DE purchased a new stake in South Plains Financial during the 2nd quarter valued at about $1,099,000. Finally, Wedge Capital Management L L P NC purchased a new stake in South Plains Financial during the 2nd quarter valued at about $2,410,000. 54.95% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on SPFI shares. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reaffirmed a "buy" rating 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 (a-)" rating in a research report on Thursday, October 29th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $50.00 price target on shares of South Plains Financial in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $49.60.
Get Our Latest Report on SPFI
About South Plains Financial
(
Get Free Report)
South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.
City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.
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