Globeflex Capital L P Invests $1.02 Million in South Plains Financial, Inc. $SPFI

Globeflex Capital L P purchased a new stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 23,588 shares of the company’s stock, valued at approximately $1,016,000.

A number of other hedge funds have also recently added to or reduced their stakes in SPFI. Royal Bank of Canada grew its position in South Plains Financial by 71.2% in the first 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. Raymond James Financial Inc. bought a new position in shares of South Plains Financial during the 2nd quarter valued at $32,000. State of Alaska Department of Revenue raised its holdings in shares of South Plains Financial by 138.8% during the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock valued at $60,000 after purchasing an additional 913 shares in the last quarter. Quarry LP bought a new stake in South Plains Financial in the third quarter worth $60,000. Finally, BNP Paribas Financial Markets boosted its holdings in South Plains Financial by 11.0% in the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after purchasing an additional 258 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

South Plains Financial Stock Performance

Shares of SPFI opened at $44.00 on Tuesday. The company has a market capitalization of $828.96 million, a PE ratio of 11.99 and a beta of 0.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.96. South Plains Financial, Inc. has a one year low of $35.34 and a one year high of $46.94. The company’s fifty day moving average price is $43.68 and its 200 day moving average price is $42.39.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The company had revenue of $64.49 million during the quarter, compared to analysts’ expectations of $63.34 million. South Plains Financial had a net margin of 20.79% and a return on equity of 12.36%. As a group, analysts expect that South Plains Financial, Inc. will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, July 27th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, July 27th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s dividend payout ratio is currently 19.62%.

Insider Activity at South Plains Financial

In other South Plains Financial news, Director Richard D. Campbell sold 27,286 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total value of $1,231,690.04. Following the sale, the director owned 1,384,969 shares of the company’s stock, valued at $62,517,500.66. This trade represents a 1.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James D. Stein sold 100,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the transaction, the director directly owned 242,872 shares in the company, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 260,000 shares of company stock valued at $11,624,642. 24.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SPFI shares. Piper Sandler cut their target price on South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research note 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 South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 29th. Finally, Wall Street Zen raised South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.60.

South Plains Financial Profile

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.