South Plains Financial (NASDAQ:SPFI) Director Richard Campbell Sells 18,848 Shares of Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 18,848 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $43.61, for a total transaction of $821,961.28. Following the completion of the sale, the director directly owned 1,366,121 shares in the company, valued at approximately $59,576,536.81. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

South Plains Financial Price Performance

Shares of SPFI opened at $42.86 on Friday. The firm has a market capitalization of $807.91 million, a price-to-earnings ratio of 11.37 and a beta of 0.47. The firm’s fifty day simple moving average is $43.54 and its 200-day simple moving average is $42.66. South Plains Financial, Inc. has a twelve month low of $35.81 and a twelve month high of $46.94. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Thursday, October 22nd. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. The firm had revenue of $65.27 million during the quarter, compared to the consensus estimate of $65.22 million. South Plains Financial had a net margin of 21.23% and a return on equity of 12.36%. Equities analysts forecast that South Plains Financial, Inc. will post 3.86 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Monday, November 2nd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.8%. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, November 2nd. South Plains Financial’s dividend payout ratio is currently 20.16%.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in South Plains Financial by 71.2% during the first 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. Mirae Asset Global Investments Co. Ltd. acquired a new stake in South Plains Financial in the third quarter valued at about $62,000. Northwestern Mutual Wealth Management Co. purchased a new stake in South Plains Financial in the 2nd quarter valued at approximately $103,000. Public Employees Retirement System of Ohio purchased a new stake in South Plains Financial in the 2nd quarter valued at approximately $173,000. Finally, Janus Henderson Group PLC purchased a new stake in South Plains Financial in the 1st quarter valued at approximately $201,000. 54.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on SPFI shares. Weiss Ratings upgraded South Plains Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, October 29th. Benchmark reiterated a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective on shares of South Plains Financial in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $49.60.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.