Key Points
- Director Richard Campbell sold 16,700 shares for $722,776 at an average price of $43.28, reducing his holdings by 1.26% to 1,307,658 shares.
- South Plains Financial beat quarterly earnings expectations, reporting EPS of $1.06 versus the $0.99 consensus; revenue was $65.27 million, roughly in line with estimates.
- The company raised its quarterly dividend from $0.18 to $0.19 per share. Analysts maintain a consensus “Buy” rating with an average price target of $49.60.
South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 16,700 shares of the firm's stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $43.28, for a total value of $722,776.00. Following the transaction, the director directly owned 1,307,658 shares of the company's stock, valued at approximately $56,595,438.24. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
South Plains Financial Trading Down 0.6%
NASDAQ SPFI opened at $42.80 on Friday. The business's 50-day moving average price is $43.44 and its two-hundred day moving average price is $42.70. South Plains Financial, Inc. has a 12 month low of $36.38 and a 12 month high of $46.94. The firm has a market capitalization of $806.78 million, a PE ratio of 11.35 and a beta of 0.47. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $65.27 million during the quarter, compared to analysts' expectations of $65.22 million. On average, analysts expect that South Plains Financial, Inc. will post 3.86 EPS for the current year.
South Plains Financial Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Monday, November 2nd will be issued a $0.19 dividend. The ex-dividend date is Monday, November 2nd. This is a boost from South Plains Financial's previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.8%. South Plains Financial's dividend payout ratio (DPR) is currently 20.16%.
Institutional Trading of South Plains Financial
A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada raised its position in shares of South Plains Financial by 71.2% in the 1st 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. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of South Plains Financial in the 3rd quarter valued at about $62,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of South Plains Financial during the 2nd quarter valued at about $103,000. Public Employees Retirement System of Ohio bought a new stake in shares of South Plains Financial during the 2nd quarter valued at about $173,000. Finally, Janus Henderson Group PLC bought a new stake in shares of South Plains Financial during the 1st quarter valued at about $201,000. 54.95% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
SPFI has been the subject of a number of recent analyst reports. Raymond James Financial reissued an "outperform" rating and set a $50.00 target price on shares of South Plains Financial in a research report on Monday, July 20th. Benchmark restated a "buy" rating on shares of South Plains Financial in a research report on Monday, July 20th. Weiss Ratings raised shares of South Plains Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, October 29th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $49.60.
Read Our Latest Analysis on South Plains Financial
South Plains Financial Company Profile
(
Get Free Report)
South Plains Financial, Inc. is a bank holding company headquartered in Lubbock, Texas, and the parent company of City Bank. Through City Bank, it provides banking and related financial services to individuals, businesses and other organizations. Its services include personal and commercial deposit accounts, lending, mortgage banking, treasury management and wealth-related services. The company serves customers primarily in Texas and New Mexico through its branch network and other banking channels.
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