Richard Campbell Sells 132,714 Shares of South Plains Financial (NASDAQ:SPFI) Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 132,714 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $44.75, for a total transaction of $5,938,951.50. Following the sale, the director owned 1,412,255 shares in the company, valued at approximately $63,198,411.25. This represents a 8.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

South Plains Financial Stock Performance

SPFI traded down $0.08 on Wednesday, reaching $45.42. The stock had a trading volume of 45,186 shares, compared to its average volume of 117,236. South Plains Financial, Inc. has a 12-month low of $35.34 and a 12-month high of $46.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average price is $42.59 and its two-hundred day moving average price is $42.05. The company has a market cap of $869.79 million, a P/E ratio of 12.38 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. The business had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. Sell-side analysts forecast 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 declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, July 27th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s payout ratio is currently 19.62%.

Analyst Ratings Changes

Several brokerages have commented on SPFI. Benchmark reissued a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Wall Street Zen raised South Plains Financial from a “sell” rating to a “hold” rating in a research note on Sunday, May 10th. Piper Sandler decreased their target price on South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, April 30th. 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. Finally, Keefe, Bruyette & Woods reissued 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. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, South Plains Financial has an average rating of “Moderate Buy” and a consensus price target of $49.60.

Hedge Funds Weigh In On South Plains Financial

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of 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 during the last quarter. Raymond James Financial Inc. acquired a new position in South Plains Financial in the 2nd quarter valued at $32,000. State of Alaska Department of Revenue lifted its holdings in South Plains Financial by 138.8% in 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 acquired a new stake in South Plains Financial during the 3rd quarter worth $60,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after buying an additional 258 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

About South Plains Financial

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.