Corient Private Wealth LP Invests $3.33 Million in South Plains Financial, Inc. $SPFI

Corient Private Wealth LP purchased a new stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 77,278 shares of the company’s stock, valued at approximately $3,330,000.

A number of other large investors have also recently modified their holdings of SPFI. BlackRock Inc. bought a new position in South Plains Financial in the second quarter worth approximately $61,644,000. Basswood Capital Management L.L.C. bought a new stake in South Plains Financial during the 2nd quarter valued at $13,426,000. Bank of New York Mellon Corp bought a new stake in South Plains Financial during the 2nd quarter valued at $2,755,000. JPMorgan Chase & Co. lifted its holdings in shares of South Plains Financial by 15.0% in the 4th quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock worth $16,994,000 after buying an additional 57,008 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of South Plains Financial in the 2nd quarter worth $2,410,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

Insider Activity at South Plains Financial

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

Analysts Set New Price Targets

Several equities analysts have recently commented on SPFI shares. Raymond James Financial restated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. Weiss Ratings raised shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Wall Street Zen raised shares of South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. 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 research report on Monday, July 20th. Finally, Benchmark reissued a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.60.

South Plains Financial Price Performance

SPFI opened at $43.71 on Wednesday. The business’s 50-day moving average is $43.98 and its two-hundred day moving average is $42.43. South Plains Financial, Inc. has a 1 year low of $35.34 and a 1 year high of $46.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market capitalization of $823.50 million, a PE ratio of 11.91 and a beta of 0.46.

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

South Plains Financial Increases Dividend

The company also recently disclosed 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 is a boost from South Plains Financial’s previous quarterly dividend of $0.17. The ex-dividend date was Monday, July 27th. This represents a $0.72 annualized dividend and a dividend yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is presently 19.62%.

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.