Mariner LLC Sells 348 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Mariner LLC trimmed its position in South Plains Financial, Inc. (NASDAQ:SPFI) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,441 shares of the company’s stock after selling 348 shares during the period. Mariner LLC owned about 0.06% of South Plains Financial worth $363,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Sterling Capital Management LLC grew its position in South Plains Financial by 3.4% during the fourth quarter. Sterling Capital Management LLC now owns 10,360 shares of the company’s stock valued at $360,000 after buying an additional 340 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of South Plains Financial by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock worth $1,193,000 after purchasing an additional 991 shares in the last quarter. SG Americas Securities LLC raised its holdings in South Plains Financial by 26.8% in the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company’s stock worth $193,000 after purchasing an additional 1,175 shares during the period. Wells Fargo & Company MN lifted its position in South Plains Financial by 23.1% during the fourth quarter. Wells Fargo & Company MN now owns 8,013 shares of the company’s stock valued at $278,000 after purchasing an additional 1,506 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in South Plains Financial by 8.6% during the fourth quarter. Rhumbline Advisers now owns 19,036 shares of the company’s stock valued at $661,000 after purchasing an additional 1,512 shares during the period. 54.95% of the stock is currently owned by institutional investors.

South Plains Financial Stock Up 1.3 %

Shares of SPFI opened at $34.17 on Friday. The business’s 50 day moving average is $32.90 and its 200 day moving average is $35.04. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial, Inc. has a 12-month low of $25.13 and a 12-month high of $40.91. The company has a market capitalization of $554.78 million, a PE ratio of 11.70 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. The firm had revenue of $49.15 million for the quarter, compared to analysts’ expectations of $48.93 million. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. During the same quarter last year, the business posted $0.64 earnings per share. Research analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial declared that its board has approved a stock buyback program on Tuesday, February 25th that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

South Plains Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.15 dividend. The ex-dividend date is Monday, April 28th. This represents a $0.60 annualized dividend and a dividend yield of 1.76%. South Plains Financial’s dividend payout ratio (DPR) is 20.00%.

Insider Buying and Selling

In related news, CEO Curtis C. Griffith sold 21,443 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $35.36, for a total value of $758,224.48. Following the sale, the chief executive officer now owns 807,240 shares in the company, valued at approximately $28,544,006.40. The trade was a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Noe G. Valles purchased 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the purchase, the director now owns 486,437 shares of the company’s stock, valued at $16,052,421. This represents a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 42,061 shares of company stock worth $1,493,613. Corporate insiders own 25.39% of the company’s stock.

Wall Street Analyst Weigh In

SPFI has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $45.00 price objective (down from $46.00) on shares of South Plains Financial in a research report on Monday, January 27th. Raymond James lowered their price target on shares of South Plains Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Finally, Hovde Group increased their price objective on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th.

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.