Bank of America Corp DE Purchases New Holdings in South Plains Financial, Inc. $SPFI

Key Points

• Bank of America purchased 25,498 shares of South Plains Financial worth approximately $1.1 million, while several other institutional investors also initiated positions. Institutions now own 54.95% of the company.
• South Plains Financial exceeded quarterly expectations, reporting $0.96 EPS versus the $0.94 consensus and revenue of $64.49 million. Analysts maintain a generally bullish view, with a “Moderate Buy” consensus and an average price target of $49.60.
• The company raised its quarterly dividend to $0.18 per share, equivalent to a 1.7% annual yield, although insiders have sold 260,000 shares worth about $11.6 million over the past 90 days.

Bank of America Corp DE purchased a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,498 shares of the company's stock, valued at approximately $1,099,000. Bank of America Corp DE owned about 0.14% of South Plains Financial as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Basswood Capital Management L.L.C. bought a new stake in South Plains Financial in the 2nd quarter valued at $13,426,000. Jupiter Topco LLC bought a new position in South Plains Financial during the second quarter valued at about $207,000. Canada Pension Plan Investment Board acquired a new position in South Plains Financial in the 2nd quarter valued at approximately $427,000. Legal & General Group Plc bought a new stake in shares of South Plains Financial in the 2nd quarter worth approximately $399,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of South Plains Financial in the 2nd quarter worth approximately $803,000. 54.95% of the stock is owned by institutional investors.

South Plains Financial Stock Up 1.8%

Shares of NASDAQ SPFI opened at $43.02 on Friday. The stock has a market cap of $810.50 million, a P/E ratio of 11.72 and a beta of 0.49. The firm has a 50 day moving average price of $44.28 and a 200 day moving average price of $42.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.97. South Plains Financial, Inc. has a 52-week low of $35.34 and a 52-week high of $46.94.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its earnings results on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. The company had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. South Plains Financial had a net margin of 20.79% and a return on equity of 12.36%. Analysts expect that South Plains Financial, Inc. will post 3.77 EPS for the current year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, July 27th were paid a $0.18 dividend. The ex-dividend date of this dividend was Monday, July 27th. This is a positive change from South Plains Financial's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.7%. South Plains Financial's payout ratio is presently 19.62%.

Insider Transactions at South Plains Financial

In related news, Director Richard D. Campbell sold 27,286 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total value of $1,231,690.04. Following the completion of the transaction, the director directly owned 1,384,969 shares in the company, valued at approximately $62,517,500.66. The trade was a 1.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James D. Stein sold 100,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the sale, the director directly owned 242,872 shares of the company's stock, valued at approximately $10,817,518.88. The trade was a 29.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 260,000 shares of company stock worth $11,624,642. 24.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on SPFI shares. Keefe, Bruyette & Woods restated an "outperform" rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Benchmark reiterated a "buy" rating on shares of South Plains Financial in a research note on Monday, July 20th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price target on shares of South Plains Financial in a report on Monday, July 20th. Finally, Weiss Ratings restated a "buy (b+)" rating on shares of South Plains Financial in a research note on Friday, September 25th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.60.

South Plains Financial Company Profile

South Plains Financial, Inc NASDAQ: SPFI is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and related financial services to individuals, businesses, agricultural customers and communities in Texas and New Mexico.

City Bank offers a range of products and services, including commercial and consumer lending, real estate loans, agricultural financing, deposit accounts, treasury management, online and mobile banking, mortgage lending, trust and wealth management, and insurance services.

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