Sei Investments Co. Purchases 21,786 Shares of South Plains Financial, Inc. $SPFI

Sei Investments Co. grew its holdings in South Plains Financial, Inc. (NASDAQ:SPFI) by 91.0% during the 1st quarter, HoldingsChannel reports. The firm owned 45,721 shares of the company’s stock after acquiring an additional 21,786 shares during the quarter. Sei Investments Co.’s holdings in South Plains Financial were worth $1,916,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of South Plains Financial by 15.0% during the 4th quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock worth $16,994,000 after purchasing an additional 57,008 shares during the last quarter. First Trust Advisors LP boosted its stake in South Plains Financial by 349.0% during the 3rd quarter. First Trust Advisors LP now owns 46,503 shares of the company’s stock valued at $1,797,000 after purchasing an additional 36,147 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in South Plains Financial in the 1st quarter valued at approximately $1,451,000. Two Sigma Investments LP grew its holdings in South Plains Financial by 63.3% in the 3rd quarter. Two Sigma Investments LP now owns 76,792 shares of the company’s stock valued at $2,968,000 after buying an additional 29,767 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in South Plains Financial by 69.2% in the 4th quarter. Panagora Asset Management Inc. now owns 72,134 shares of the company’s stock worth $2,799,000 after buying an additional 29,509 shares during the period. 54.95% of the stock is currently owned by institutional investors.

South Plains Financial Stock Performance

South Plains Financial stock opened at $44.65 on Monday. The business has a 50 day moving average price of $42.86 and a two-hundred day moving average price of $42.14. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. The stock has a market cap of $841.21 million, a price-to-earnings ratio of 12.17 and a beta of 0.46. South Plains Financial, Inc. has a 12 month low of $35.34 and a 12 month high of $46.94.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%.The company had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. As a group, equities analysts forecast that South Plains Financial, Inc. will post 3.77 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, July 27th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.6%. This is an increase 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 dividend payout ratio (DPR) is 19.62%.

Analysts Set New Price Targets

SPFI has been the subject of a number of research analyst reports. Wall Street Zen upgraded South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings upgraded shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Raymond James Financial reaffirmed 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 reiterated a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Finally, Piper Sandler cut 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 investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.60.

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, Director James D. Stein sold 100,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $44.54, for a total value of $4,454,000.00. Following the sale, the director owned 242,872 shares of the company’s stock, valued at $10,817,518.88. The trade was a 29.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard D. Campbell sold 132,714 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $44.75, for a total transaction of $5,938,951.50. Following the completion of the transaction, the director owned 1,412,255 shares of the company’s stock, valued at approximately $63,198,411.25. This represents a 8.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 275,064 shares of company stock valued at $12,227,446. 24.29% of the stock is owned by company insiders.

About South Plains Financial

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.