South Plains Financial (NASDAQ:SPFI) Director Sells $784,664.54 in Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 17,809 shares of the business’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $44.06, for a total value of $784,664.54. Following the sale, the director owned 1,332,412 shares in the company, valued at approximately $58,706,072.72. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

South Plains Financial Stock Down 1.0%

Shares of NASDAQ SPFI opened at $42.45 on Friday. South Plains Financial, Inc. has a 52 week low of $35.81 and a 52 week high of $46.94. The business has a 50-day simple moving average of $43.51 and a two-hundred day simple moving average of $42.67. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market cap of $800.18 million, a P/E ratio of 11.26 and a beta of 0.47.

South Plains Financial (NASDAQ:SPFI) last posted its 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 during the quarter, compared to analyst estimates of $65.22 million. Research analysts anticipate 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 $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.8%. This is an increase from South Plains Financial’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, November 2nd. South Plains Financial’s dividend payout ratio (DPR) is 20.16%.

Institutional Trading of South Plains Financial

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its holdings in shares of South Plains Financial by 71.2% during the first quarter. Royal Bank of Canada now owns 642 shares of the company’s stock worth $27,000 after purchasing an additional 267 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in South Plains Financial in the third quarter valued at approximately $62,000. Northwestern Mutual Wealth Management Co. purchased a new stake in South Plains Financial in the second quarter valued at approximately $103,000. Public Employees Retirement System of Ohio purchased a new stake in South Plains Financial in the second quarter valued at approximately $173,000. Finally, Janus Henderson Group PLC bought a new stake in South Plains Financial during the first quarter valued at approximately $201,000. Institutional investors own 54.95% of the company’s stock.

Wall Street Analyst Weigh In

SPFI has been the topic of a number of analyst reports. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 target price on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a report 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, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $49.60.

About South Plains Financial

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.