Invesco Ltd. Grows Stake in South Plains Financial, Inc. $SPFI

Key Points

• Invesco Ltd. significantly increased its stake in South Plains Financial by 352.5% during the first quarter, acquiring an additional 72,269 shares to own a total of 92,768 shares valued at approximately $3.07 million.
• South Plains Financial reported earnings per share of $0.86 for the recent quarter, surpassing consensus estimates of $0.77, alongside a revenue of $54.67 million, higher than the expected $52.24 million.
• The company declared a quarterly dividend of $0.16, increasing from the previous $0.15, resulting in an annualized yield of 1.6% with a payout ratio of 20%.

Invesco Ltd. lifted its position in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 352.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,768 shares of the company's stock after acquiring an additional 72,269 shares during the quarter. Invesco Ltd. owned 0.57% of South Plains Financial worth $3,072,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SPFI. GAMMA Investing LLC raised its stake in shares of 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 buying an additional 6,254 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in South Plains Financial by 4.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock valued at $235,000 after purchasing an additional 304 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of South Plains Financial in the fourth quarter valued at about $274,000. South Plains Financial Inc. purchased a new stake in shares of South Plains Financial during the fourth quarter worth about $276,000. Finally, Wells Fargo & Company MN increased its stake in shares of South Plains Financial by 23.1% during the fourth quarter. Wells Fargo & Company MN now owns 8,013 shares of the company's stock worth $278,000 after purchasing an additional 1,506 shares in the last quarter. Hedge funds and other institutional investors own 54.95% of the company's stock.

Analyst Ratings Changes

Separately, Raymond James Financial restated an "outperform" rating and issued a $42.00 price objective (up previously from $38.00) on shares of South Plains Financial in a report on Thursday, July 17th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, South Plains Financial currently has a consensus rating of "Buy" and a consensus price target of $44.67.

South Plains Financial Trading Down 1.4%

Shares of SPFI stock traded down $0.55 on Wednesday, hitting $40.05. The stock had a trading volume of 11,528 shares, compared to its average volume of 41,747. The company's 50 day moving average price is $38.49 and its 200-day moving average price is $35.59. South Plains Financial, Inc. has a 1 year low of $30.01 and a 1 year high of $42.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $650.41 million, a P/E ratio of 12.52 and a beta of 0.72.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $52.24 million. During the same period in the prior year, the business earned $0.66 EPS. Analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, July 28th were issued a $0.16 dividend. The ex-dividend date was Monday, July 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from South Plains Financial's previous quarterly dividend of $0.15. South Plains Financial's payout ratio is currently 20.00%.

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.