Wells Fargo & Company MN Buys 1,506 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Wells Fargo & Company MN raised its stake in South Plains Financial, Inc. (NASDAQ:SPFI) by 23.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,013 shares of the company’s stock after acquiring an additional 1,506 shares during the period. Wells Fargo & Company MN’s holdings in South Plains Financial were worth $278,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. lifted its position in South Plains Financial by 16.5% during the fourth quarter. American Century Companies Inc. now owns 248,456 shares of the company’s stock worth $8,634,000 after purchasing an additional 35,207 shares during the period. JPMorgan Chase & Co. boosted its position in shares of South Plains Financial by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company’s stock worth $8,598,000 after acquiring an additional 71,656 shares in the last quarter. Barclays PLC increased its stake in South Plains Financial by 29.6% in the third quarter. Barclays PLC now owns 53,367 shares of the company’s stock valued at $1,810,000 after acquiring an additional 12,200 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in South Plains Financial by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock valued at $1,193,000 after purchasing an additional 991 shares in the last quarter. Finally, Sei Investments Co. raised its position in South Plains Financial by 8.9% during the fourth quarter. Sei Investments Co. now owns 28,215 shares of the company’s stock valued at $980,000 after purchasing an additional 2,311 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SPFI shares. Hovde Group lifted their price target on South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 target price (down previously from $46.00) on shares of South Plains Financial in a research report on Monday, January 27th. Finally, Raymond James lowered their target price on South Plains Financial from $39.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, April 25th.

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, Director Noe G. Valles purchased 100,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the acquisition, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. The trade was a 25.88 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curtis C. Griffith sold 5,196 shares of South Plains Financial stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $35.60, for a total value of $184,977.60. Following the completion of the transaction, the chief executive officer now directly owns 828,683 shares of the company’s stock, valued at approximately $29,501,114.80. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,061 shares of company stock valued at $1,493,613. 25.39% of the stock is currently owned by company insiders.

South Plains Financial Stock Down 0.4 %

NASDAQ:SPFI opened at $33.69 on Wednesday. South Plains Financial, Inc. has a one year low of $25.13 and a one year high of $40.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $546.99 million, a PE ratio of 11.54 and a beta of 0.70. The firm’s 50 day simple moving average is $32.86 and its 200 day simple moving average is $35.02.

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

South Plains Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.78%. The ex-dividend date is Monday, April 28th. South Plains Financial’s payout ratio is presently 20.00%.

South Plains Financial declared that its board has initiated a share buyback plan on Tuesday, February 25th that authorizes the company to buyback $15.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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.