South Plains Financial, Inc. (NASDAQ:SPFI) Director Buys $3,300,000.00 in Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Noe G. Valles purchased 100,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the completion of the transaction, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. This represents a 25.88 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

South Plains Financial Trading Up 0.4 %

Shares of NASDAQ:SPFI traded up $0.12 during trading on Wednesday, hitting $32.62. The company had a trading volume of 39,536 shares, compared to its average volume of 35,299. The stock has a market cap of $534.64 million, a price-to-earnings ratio of 11.17 and a beta of 0.60. The company has a fifty day simple moving average of $34.79 and a two-hundred day simple moving average of $35.28. South Plains Financial, Inc. has a one year low of $24.05 and a one year high of $40.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.29. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. During the same quarter last year, the business posted $0.61 earnings per share. As a group, equities analysts forecast that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial announced that its board has authorized a stock repurchase plan on Tuesday, February 25th that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

South Plains Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s dividend payout ratio (DPR) is presently 20.55%.

Institutional Trading of South Plains Financial

A number of hedge funds have recently added to or reduced their stakes in SPFI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of South Plains Financial by 4.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company’s stock worth $235,000 after purchasing an additional 304 shares during the period. Sterling Capital Management LLC boosted its position in South Plains Financial by 3.4% during the 4th quarter. Sterling Capital Management LLC now owns 10,360 shares of the company’s stock valued at $360,000 after acquiring an additional 340 shares in the last quarter. FMR LLC increased its holdings in shares of South Plains Financial by 39.3% in the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after acquiring an additional 394 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of South Plains Financial by 20.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock worth $157,000 after acquiring an additional 800 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of South Plains Financial by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock worth $1,193,000 after purchasing an additional 991 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Hovde Group lifted their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research report on Monday, January 27th.

South Plains Financial Company Profile

South Plains Financial, Inc operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company operates through two segments, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.