Invesco Ltd. Acquires 72,269 Shares of South Plains Financial, Inc. $SPFI

Invesco Ltd. boosted its holdings in South Plains Financial, Inc. (NASDAQ:SPFI) by 352.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 92,768 shares of the company’s stock after purchasing an additional 72,269 shares during the quarter. Invesco Ltd. owned about 0.57% of South Plains Financial worth $3,072,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its position in shares of South Plains Financial by 51.0% during the 4th quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company’s stock worth $2,266,000 after buying an additional 22,010 shares during the period. Bank of America Corp DE lifted its position in shares of South Plains Financial by 18.9% during the 4th quarter. Bank of America Corp DE now owns 34,488 shares of the company’s stock valued at $1,198,000 after acquiring an additional 5,476 shares during the period. GAMMA Investing LLC boosted its stake in South Plains Financial by 8,686.1% during the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company’s stock worth $191,000 after acquiring an additional 6,254 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in South Plains Financial by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 426,077 shares of the company’s stock worth $14,806,000 after acquiring an additional 21,444 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in South Plains Financial by 51.3% in the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company’s stock worth $3,278,000 after purchasing an additional 31,983 shares during the period. 54.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Raymond James Financial reiterated an “outperform” rating and set a $42.00 price objective (up previously from $38.00) on shares of South Plains Financial in a report on Thursday, July 17th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $44.67.

South Plains Financial Stock Performance

NASDAQ SPFI opened at $40.63 on Friday. The company has a fifty day moving average price of $38.31 and a 200-day moving average price of $35.52. The firm has a market cap of $659.83 million, a price-to-earnings ratio of 12.70 and a beta of 0.72. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.93. South Plains Financial, Inc. has a 1 year low of $30.01 and a 1 year high of $42.38.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. The firm had revenue of $54.67 million for the quarter, compared to the consensus estimate of $52.24 million. South Plains Financial had a return on equity of 12.27% and a net margin of 18.59%.During the same quarter in the previous year, the business earned $0.66 EPS. As a group, equities research analysts predict that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, July 28th were given a $0.16 dividend. This is an increase from South Plains Financial’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, July 28th. South Plains Financial’s payout ratio is presently 20.00%.

South Plains Financial 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.