Truist Financial Corp Makes New Investment in South Plains Financial, Inc. $SPFI

Truist Financial Corp acquired a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,887 shares of the company’s stock, valued at approximately $212,000.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in South Plains Financial by 8,686.1% during the 1st quarter. GAMMA Investing LLC now owns 6,326 shares of the company’s stock worth $191,000 after acquiring an additional 6,254 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock worth $234,000 after acquiring an additional 312 shares during the last quarter. Jane Street Group LLC bought a new stake in South Plains Financial during the 1st quarter worth about $315,000. Strs Ohio bought a new stake in South Plains Financial during the 1st quarter worth about $520,000. Finally, Bailard Inc. bought a new stake in South Plains Financial during the 1st quarter worth about $616,000. Institutional investors own 54.95% of the company’s stock.

Insider Activity

In related news, Director Richard D. Campbell sold 15,583 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $39.62, for a total transaction of $617,398.46. Following the sale, the director owned 1,529,386 shares in the company, valued at approximately $60,594,273.32. This represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 24.58% of the stock is owned by company insiders.

South Plains Financial Price Performance

NASDAQ SPFI opened at $36.99 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.24. South Plains Financial, Inc. has a 12-month low of $30.01 and a 12-month high of $42.38. The company has a market capitalization of $600.72 million, a PE ratio of 11.56 and a beta of 0.65. The firm’s 50 day moving average is $39.39 and its 200-day moving average is $36.84.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Wednesday, July 16th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. South Plains Financial had a net margin of 18.59% and a return on equity of 12.27%. The company had revenue of $54.67 million for the quarter, compared to the consensus estimate of $52.24 million. During the same period last year, the company earned $0.66 earnings per share. Equities research analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, October 27th will be issued a $0.16 dividend. The ex-dividend date is Monday, October 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.7%. South Plains Financial’s dividend payout ratio (DPR) is 20.00%.

Analysts Set New Price Targets

SPFI has been the topic of a number of research reports. Zacks Research downgraded shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of South Plains Financial in a research report on Wednesday, October 8th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $42.00 price target (up from $38.00) on shares of South Plains Financial in a research report on Thursday, July 17th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.67.

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.