Millennium Management LLC Grows Stock Holdings in South Plains Financial, Inc. (NASDAQ:SPFI)

Millennium Management LLC grew its stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 51.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 94,332 shares of the company's stock after buying an additional 31,983 shares during the period. Millennium Management LLC owned 0.58% of South Plains Financial worth $3,278,000 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 business. KLP Kapitalforvaltning AS acquired a new position in South Plains Financial in the fourth quarter valued at $101,000. SG Americas Securities LLC boosted its holdings in South Plains Financial by 26.8% in the fourth quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock valued at $193,000 after acquiring an additional 1,175 shares during the last quarter. Truist Financial Corp acquired a new position in South Plains Financial in the fourth quarter valued at $205,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in South Plains Financial by 4.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock valued at $235,000 after acquiring an additional 304 shares during the last quarter. Finally, Summit Global Investments acquired a new position in South Plains Financial in the fourth quarter valued at $249,000. Hedge funds and other institutional investors own 54.95% of the company's stock.

South Plains Financial Stock Up 1.0%

Shares of SPFI traded up $0.35 during midday trading on Tuesday, reaching $35.82. 6,699 shares of the company were exchanged, compared to its average volume of 37,468. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial, Inc. has a 1-year low of $25.13 and a 1-year high of $40.91. The stock has a 50-day moving average price of $33.66 and a 200-day moving average price of $34.92. The company has a market cap of $581.29 million, a price-to-earnings ratio of 12.27 and a beta of 0.70.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. South Plains Financial had a return on equity of 11.75% and a net margin of 17.20%. The business had revenue of $49.15 million for the quarter, compared to analysts' expectations of $48.93 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Research analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 12th. Investors of record on Monday, April 28th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Monday, April 28th. South Plains Financial's dividend payout ratio is currently 20.00%.

South Plains Financial announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 25th that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Raymond James reduced their price objective on South Plains Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

Insider Activity at South Plains Financial

In other news, Director Noe G. Valles acquired 100,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $33.00 per share, with a total value of $3,300,000.00. Following the completion of the acquisition, the director now directly owns 486,437 shares in the company, valued at $16,052,421. This represents a 25.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 24.58% of the stock is owned by corporate insiders.

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.