Bank of New York Mellon Corp Makes New Investment in South Plains Financial, Inc. $SPFI

Key Points

• Bank of New York Mellon acquired 63,943 shares of South Plains Financial valued at approximately $2.76 million, joining other institutional investors that collectively own 54.95% of the company.
• Analysts remain broadly positive, with six Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $49.60.
• South Plains Financial exceeded quarterly earnings and revenue estimates and raised its quarterly dividend to $0.18 per share, though insiders sold 260,000 shares worth approximately $11.6 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 63,943 shares of the company's stock, valued at approximately $2,755,000. Bank of New York Mellon Corp owned 0.33% of South Plains Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPFI. Vanguard Group Inc. increased its stake in South Plains Financial by 1.1% in the third quarter. Vanguard Group Inc. now owns 706,328 shares of the company's stock valued at $27,300,000 after acquiring an additional 7,889 shares during the period. Dimensional Fund Advisors LP lifted its stake in South Plains Financial by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 480,837 shares of the company's stock worth $18,584,000 after purchasing an additional 9,484 shares during the period. JPMorgan Chase & Co. lifted its stake in South Plains Financial by 15.0% during the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company's stock worth $16,994,000 after purchasing an additional 57,008 shares during the period. Geode Capital Management LLC boosted its holdings in South Plains Financial by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 293,340 shares of the company's stock valued at $11,384,000 after purchasing an additional 2,029 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of South Plains Financial by 5.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 181,463 shares of the company's stock valued at $7,041,000 after purchasing an additional 8,749 shares during the period. 54.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SPFI shares. Raymond James Financial reissued an "outperform" rating and issued a $50.00 target price on shares of South Plains Financial in a report on Monday, July 20th. Weiss Ratings upgraded South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, June 29th. Benchmark reiterated a "buy" rating on shares of South Plains Financial in a research note on Monday, July 20th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Finally, Wall Street Zen upgraded shares of South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $49.60.

South Plains Financial Price Performance

South Plains Financial stock opened at $45.63 on Monday. The business's fifty day moving average is $44.12 and its two-hundred day moving average is $42.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market cap of $859.67 million, a P/E ratio of 12.43 and a beta of 0.46. 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 announced its earnings results on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.02. The company had revenue of $64.49 million during the quarter, compared to analyst estimates of $63.34 million. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. Equities research analysts forecast that South Plains Financial, Inc. will post 3.77 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, July 27th were given a $0.18 dividend. This is a boost from South Plains Financial's previous quarterly dividend of $0.17. The ex-dividend date was Monday, July 27th. This represents a $0.72 annualized dividend and a yield of 1.6%. South Plains Financial's dividend payout ratio is presently 19.62%.

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, Director Richard Campbell sold 132,714 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $44.75, for a total value of $5,938,951.50. Following the transaction, the director directly owned 1,412,255 shares in the company, valued at approximately $63,198,411.25. This trade represents a 8.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Stein sold 100,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the transaction, the director owned 242,872 shares in the company, valued at $10,817,518.88. The trade was a 29.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 260,000 shares of company stock worth $11,624,642. Company insiders own 24.29% of the company's stock.

About South Plains Financial

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.

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