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

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) saw strong trading volume on Friday . 75,352 shares changed hands 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler increased their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Hovde Group boosted their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th.

South Plains Financial Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a 50 day moving average of $30.68 and a 200-day moving average of $27.79. The company has a market cap of $572.17 million, a PE ratio of 9.33 and a beta of 0.59.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Thursday, July 18th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $71.92 million during the quarter, compared to analysts’ expectations of $46.50 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same period last year, the business posted $0.55 earnings per share. Equities analysts predict that South Plains Financial, Inc. will post 2.52 earnings per share for the current year.

South Plains Financial Dividend Announcement

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

Insider Buying and Selling at South Plains Financial

In related news, Director Noe G. Valles acquired 50,000 shares of South Plains Financial stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Noe G. Valles purchased 50,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the acquisition, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Curtis C. Griffith sold 7,830 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $26.12, for a total transaction of $204,519.60. Following the sale, the chief executive officer now directly owns 1,055,967 shares in the company, valued at approximately $27,581,858.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,020 shares of company stock valued at $542,778. 25.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPFI. BNP Paribas Financial Markets raised its holdings in South Plains Financial by 35.1% in the 4th quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock worth $361,000 after purchasing an additional 3,236 shares during the period. Salzhauer Michael purchased a new position in shares of South Plains Financial during the 1st quarter valued at approximately $268,000. Empowered Funds LLC grew its stake in South Plains Financial by 8.2% in the 1st 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 during the period. Vanguard Group Inc. increased its holdings in South Plains Financial by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after acquiring an additional 12,196 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in South Plains Financial by 3.8% in the 1st quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock worth $5,595,000 after acquiring an additional 7,562 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

South Plains Financial Company Profile

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.