Basswood Capital Management L.L.C. bought a new stake in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 311,615 shares of the company's stock, valued at approximately $13,426,000. Basswood Capital Management L.L.C. owned about 1.65% of South Plains Financial at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada lifted its position in South Plains Financial by 71.2% in the first quarter. Royal Bank of Canada now owns 642 shares of the company's stock valued at $27,000 after buying an additional 267 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of South Plains Financial during the second quarter valued at about $32,000. Quarry LP acquired a new stake in shares of South Plains Financial during the third quarter valued at about $60,000. BNP Paribas Financial Markets increased its position in shares of South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock valued at $93,000 after acquiring an additional 258 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of South Plains Financial in the 2nd quarter valued at approximately $103,000. Institutional investors and hedge funds own 54.95% of the company's stock.
Wall Street Analyst Weigh In
SPFI has been the topic of several recent analyst reports. Benchmark restated a "buy" rating on shares of South Plains Financial in a report on Monday, July 20th. Wall Street Zen raised South Plains Financial from a "sell" rating to a "hold" rating in a research report on Sunday, May 10th. Weiss Ratings upgraded South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Piper Sandler decreased their price target on South Plains Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $50.00 price target (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.60.
Get Our Latest Research Report on South Plains Financial
South Plains Financial Trading Down 0.4%
NASDAQ:SPFI opened at $43.54 on Thursday. South Plains Financial, Inc. has a 12-month low of $35.34 and a 12-month high of $46.94. The firm has a market cap of $820.29 million, a PE ratio of 11.86 and a beta of 0.46. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average price of $43.76 and a 200 day moving average price of $42.40.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly 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 the consensus estimate of $63.34 million. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. Sell-side analysts anticipate that South Plains Financial, Inc. will post 3.77 earnings per share for the current fiscal year.
South Plains Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, July 27th were paid a dividend of $0.18 per share. The ex-dividend date 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 dividend yield of 1.7%. South Plains Financial's payout ratio is currently 19.62%.
Insider Activity at South Plains Financial
In other South Plains Financial news, Director James D. Stein sold 100,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 242,872 shares of the company's stock, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard D. Campbell sold 27,286 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $45.14, for a total transaction of $1,231,690.04. Following the completion of the sale, the director owned 1,384,969 shares in the company, valued at $62,517,500.66. The trade was a 1.93% 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 sold 260,000 shares of company stock worth $11,624,642. 24.29% of the stock is owned by corporate insiders.
About South Plains Financial
(
Free Report)
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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