South Plains Financial (NASDAQ:SPFI) Sees Strong Trading Volume

South Plains Financial, Inc. (NASDAQ:SPFI) saw an uptick in trading volume on Friday . 75,352 shares were traded during mid-day trading, an increase of 116% from the previous session’s volume of 34,952 shares.The stock last traded at $34.50 and had previously closed at $34.49.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Hovde Group increased their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “outperform” rating in a research report 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 Trading Up 1.2 %

The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average is $30.50 and its 200-day moving average is $27.71. The stock has a market capitalization of $572.17 million, a price-to-earnings ratio of 9.22 and a beta of 0.59.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.56 by $0.10. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. The firm had revenue of $71.92 million for the quarter, compared to analyst estimates of $46.50 million. During the same quarter in the previous year, the company earned $0.55 EPS. Research analysts anticipate that South Plains Financial, Inc. will post 2.52 earnings per share for the current fiscal year.

South Plains Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Monday, July 29th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Monday, July 29th. South Plains Financial’s dividend payout ratio (DPR) is presently 14.97%.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $31.00, for a total value of $49,569.00. Following the transaction, the chief executive officer now owns 996,898 shares of the company’s stock, valued at $30,903,838. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total value of $49,569.00. Following the sale, the chief executive officer now owns 996,898 shares of the company’s stock, valued at $30,903,838. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Noe G. Valles purchased 50,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the director now directly owns 336,437 shares of the company’s stock, valued at $10,093,110. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 19,020 shares of company stock valued at $542,778. 25.39% of the stock is currently owned by insiders.

Institutional Trading of South Plains Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of South Plains Financial by 2.3% in the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock valued at $14,497,000 after purchasing an additional 12,196 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of South Plains Financial by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock worth $9,837,000 after acquiring an additional 30,665 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of South Plains Financial by 14.3% in the second quarter. Acadian Asset Management LLC now owns 239,078 shares of the company’s stock worth $6,451,000 after acquiring an additional 29,933 shares in the last quarter. American Century Companies Inc. raised its stake in shares of South Plains Financial by 14.9% in the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock valued at $4,725,000 after acquiring an additional 22,695 shares in the last quarter. Finally, Empowered Funds LLC raised its stake 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 valued at $2,547,000 after acquiring an additional 7,175 shares in 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.