South Plains Financial (NASDAQ:SPFI) Sets New 1-Year High – Here’s Why

South Plains Financial, Inc. (NASDAQ:SPFI) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.61 and last traded at $34.94, with a volume of 1754 shares trading hands. The stock had previously closed at $35.21.

Analyst Upgrades and Downgrades

SPFI has been the subject of a number of research analyst reports. Hovde Group lifted their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler increased their price target on South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd.

South Plains Financial Stock Up 0.8 %

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The stock has a market cap of $563.83 million, a P/E ratio of 9.18 and a beta of 0.58. The company’s 50 day moving average price is $33.45 and its two-hundred day moving average price is $29.75.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Monday, October 28th. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio (DPR) is currently 16.04%.

Insider Transactions at South Plains Financial

In related news, Director Noe G. Valles bought 50,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Curtis C. Griffith sold 1,599 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $31.00, for a total transaction of $49,569.00. Following the sale, the chief executive officer now directly owns 996,898 shares in the company, valued at $30,903,838. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Noe G. Valles bought 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the acquisition, the director now directly owns 336,437 shares in the company, valued at $10,093,110. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On South Plains Financial

Several large investors have recently made changes to their positions in SPFI. BNP Paribas Financial Markets raised its stake in South Plains Financial by 45.1% during the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock valued at $484,000 after purchasing an additional 5,624 shares during the period. Empowered Funds LLC lifted its holdings in shares of South Plains Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock worth $2,547,000 after buying an additional 7,175 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of South Plains Financial by 2.3% during the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after acquiring an additional 12,196 shares during the last quarter. Acadian Asset Management LLC grew its stake in South Plains Financial by 3.8% during the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock valued at $5,595,000 after acquiring an additional 7,562 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in South Plains Financial by 8.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 63,462 shares of the company’s stock valued at $1,713,000 after acquiring an additional 4,787 shares during the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

About South Plains Financial

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.