Gabelli Funds LLC Acquires Shares of 130,642 South Plains Financial, Inc. $SPFI

Gabelli Funds LLC bought a new stake in South Plains Financial, Inc. (NASDAQ:SPFI) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 130,642 shares of the company’s stock, valued at approximately $4,708,000. Gabelli Funds LLC owned approximately 0.80% of South Plains Financial as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Gamco Investors INC. ET AL bought a new stake in shares of South Plains Financial during the 2nd quarter worth $695,000. First Trust Advisors LP raised its stake in South Plains Financial by 5.3% during the second quarter. First Trust Advisors LP now owns 10,356 shares of the company’s stock worth $373,000 after acquiring an additional 517 shares in the last quarter. Panagora Asset Management Inc. raised its stake in South Plains Financial by 4.9% during the second quarter. Panagora Asset Management Inc. now owns 35,895 shares of the company’s stock worth $1,294,000 after acquiring an additional 1,678 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of South Plains Financial in the second quarter worth about $106,000. Finally, American Century Companies Inc. boosted its stake in shares of South Plains Financial by 10.6% in the 2nd quarter. American Century Companies Inc. now owns 306,343 shares of the company’s stock valued at $11,041,000 after purchasing an additional 29,420 shares in the last quarter. Institutional investors own 54.95% of the company’s stock.

South Plains Financial Stock Performance

Shares of South Plains Financial stock opened at $39.08 on Wednesday. The stock has a market cap of $634.97 million, a price-to-earnings ratio of 11.17 and a beta of 0.61. South Plains Financial, Inc. has a twelve month low of $30.01 and a twelve month high of $42.38. The company’s fifty day moving average is $37.72 and its 200 day moving average is $37.97. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Thursday, October 23rd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.87 by $0.09. South Plains Financial had a return on equity of 13.16% and a net margin of 20.09%.The firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $54.07 million. Sell-side analysts forecast that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, October 27th were given a $0.16 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $0.64 annualized dividend and a yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is presently 18.29%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of South Plains Financial in a research report on Wednesday, October 8th. Hovde Group upped their price target on shares of South Plains Financial from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Zacks Research cut South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Piper Sandler downgraded South Plains Financial from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $44.00 to $41.00 in a report on Friday, October 24th. Finally, Keefe, Bruyette & Woods boosted their price objective on South Plains Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Insiders Place Their Bets

In other South Plains Financial news, Director Richard D. Campbell sold 44,417 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $40.21, for a total value of $1,786,007.57. Following the completion of the sale, the director owned 1,544,969 shares in the company, valued at approximately $62,123,203.49. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 25.39% of the company’s stock.

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.