Northern Trust Corp Has $3.85 Million Stock Holdings in South Plains Financial, Inc. (NASDAQ:SPFI)

Northern Trust Corp lifted its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 7.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 110,823 shares of the company's stock after acquiring an additional 7,791 shares during the quarter. Northern Trust Corp owned approximately 0.68% of South Plains Financial worth $3,851,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SPFI. Sterling Capital Management LLC lifted its holdings in South Plains Financial by 3.4% during the 4th quarter. Sterling Capital Management LLC now owns 10,360 shares of the company's stock valued at $360,000 after purchasing an additional 340 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of South Plains Financial by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company's stock valued at $1,193,000 after purchasing an additional 991 shares during the period. SG Americas Securities LLC lifted its stake in shares of South Plains Financial by 26.8% during the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock worth $193,000 after buying an additional 1,175 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of South Plains Financial by 23.1% during the 4th quarter. Wells Fargo & Company MN now owns 8,013 shares of the company's stock worth $278,000 after buying an additional 1,506 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of South Plains Financial by 8.6% during the 4th quarter. Rhumbline Advisers now owns 19,036 shares of the company's stock worth $661,000 after buying an additional 1,512 shares during the period. 54.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Raymond James lowered their price target on shares of South Plains Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, April 25th.

South Plains Financial Stock Performance

Shares of SPFI traded down $0.35 during midday trading on Wednesday, reaching $35.45. 26,131 shares of the stock were exchanged, compared to its average volume of 37,674. The stock's 50 day simple moving average is $33.52 and its 200 day simple moving average is $35.05. The company has a market cap of $575.28 million, a P/E ratio of 12.14 and a beta of 0.70. South Plains Financial, Inc. has a twelve month low of $25.13 and a twelve month high of $40.91. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25.

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

South Plains Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 12th. Investors of record on Monday, April 28th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Monday, April 28th. South Plains Financial's dividend payout ratio (DPR) is currently 20.00%.

South Plains Financial announced that its board has authorized a stock buyback program on Tuesday, February 25th that permits the company to buyback $15.00 million in shares. This buyback authorization permits the company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Noe G. Valles bought 100,000 shares of South Plains Financial stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $33.00 per share, with a total value of $3,300,000.00. Following the acquisition, the director now owns 486,437 shares in the company, valued at $16,052,421. This trade represents a 25.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 24.58% of the stock is currently owned by company 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.