Jacobs Levy Equity Management Inc. Acquires 20,756 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Jacobs Levy Equity Management Inc. increased its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 77.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 47,659 shares of the company’s stock after acquiring an additional 20,756 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in South Plains Financial were worth $1,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPFI. 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 worth $14,497,000 after purchasing an additional 12,196 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in South Plains Financial by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after buying an additional 30,665 shares during the period. Acadian Asset Management LLC grew its stake in South Plains Financial by 14.3% in the 2nd 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. increased its position in shares of South Plains Financial by 14.9% during the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock worth $4,725,000 after acquiring an additional 22,695 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of South Plains Financial during the third quarter valued at approximately $2,882,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Stock Performance

Shares of NASDAQ:SPFI opened at $38.30 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $627.74 million, a price-to-earnings ratio of 14.90 and a beta of 0.60. The firm has a 50 day moving average of $36.10 and a 200 day moving average of $32.31. South Plains Financial, Inc. has a 52 week low of $24.05 and a 52 week high of $40.90.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. South Plains Financial had a return on equity of 10.39% and a net margin of 15.51%. The firm had revenue of $72.28 million during the quarter, compared to analysts’ expectations of $48.90 million. During the same period in the prior year, the business posted $0.78 EPS. On average, sell-side analysts predict that South Plains Financial, Inc. will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, October 28th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio is currently 23.35%.

Insider Transactions at South Plains Financial

In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the transaction, the chief executive officer now owns 865,967 shares in the company, valued at $29,009,894.50. This represents a 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 25.39% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Hovde Group increased their price objective on South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th.

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.