Insider Selling: South Plains Financial (NASDAQ:SPFI) Director Sells $1,231,690.04 in Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 27,286 shares of the business’s stock in a transaction dated 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 owned 1,384,969 shares in the company, valued at approximately $62,517,500.66. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

South Plains Financial Trading Down 0.2%

SPFI traded down $0.08 during midday trading on Wednesday, reaching $45.42. 45,186 shares of the company’s stock traded hands, compared to its average volume of 117,236. South Plains Financial, Inc. has a 52 week low of $35.34 and a 52 week high of $46.94. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a fifty day moving average of $42.59 and a two-hundred day moving average of $42.05. The stock has a market capitalization of $869.79 million, a price-to-earnings 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 return on equity of 13.23% and a net margin of 20.79%.The firm had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. On average, equities 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 business 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 annualized dividend and a yield of 1.6%. This is an increase from South Plains Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, July 27th. South Plains Financial’s dividend payout ratio (DPR) is presently 19.62%.

Wall Street Analyst Weigh In

SPFI has been the subject of several research reports. Benchmark restated a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research report on Monday, July 20th. Piper Sandler decreased their price target on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Wall Street Zen upgraded shares of South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Finally, Weiss Ratings raised South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.60.

Hedge Funds Weigh In On South Plains Financial

Large investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its position in shares of South Plains Financial by 71.2% in the 1st quarter. Royal Bank of Canada now owns 642 shares of the company’s stock worth $27,000 after purchasing an additional 267 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of South Plains Financial in the 2nd quarter worth approximately $32,000. Quarry LP bought a new position in South Plains Financial during the 3rd quarter valued at approximately $60,000. State of Alaska Department of Revenue increased its position in 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 buying an additional 913 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in South Plains Financial by 11.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock valued at $93,000 after buying an additional 258 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

South Plains Financial Company 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.