Northern Trust Corp Buys 7,791 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Northern Trust Corp grew its holdings in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 7.6% during the 4th quarter, according to its most recent Form 13F 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 period. Northern Trust Corp owned 0.68% of South Plains Financial worth $3,851,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC raised its position in South Plains Financial by 29.6% in the third quarter. Barclays PLC now owns 53,367 shares of the company's stock worth $1,810,000 after acquiring an additional 12,200 shares during the period. Dimensional Fund Advisors LP raised its position in South Plains Financial by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 426,077 shares of the company's stock worth $14,806,000 after acquiring an additional 21,444 shares during the period. JPMorgan Chase & Co. raised its position in South Plains Financial by 40.8% in the fourth quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company's stock worth $8,598,000 after acquiring an additional 71,656 shares during the period. American Century Companies Inc. raised its position in South Plains Financial by 16.5% in the fourth quarter. American Century Companies Inc. now owns 248,456 shares of the company's stock worth $8,634,000 after acquiring an additional 35,207 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in South Plains Financial in the fourth quarter worth approximately $282,000. 54.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPFI has been the topic of several recent research reports. Hovde Group increased their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Raymond James decreased 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 research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $45.00 price target (down from $46.00) on shares of South Plains Financial in a research report on Monday, January 27th.

South Plains Financial Price Performance

Shares of South Plains Financial stock opened at $35.24 on Friday. The company has a market capitalization of $571.87 million, a price-to-earnings ratio of 12.07 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock's 50-day simple moving average is $33.34 and its 200-day simple moving average is $35.13. South Plains Financial, Inc. has a 52 week low of $25.13 and a 52 week high of $40.91.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.72 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $49.15 million for the quarter, compared to analysts' expectations of $48.93 million. During the same period in the previous year, the firm earned $0.64 EPS. As a group, analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 12th. Stockholders of record on Monday, April 28th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Monday, April 28th. South Plains Financial's dividend payout ratio (DPR) is presently 20.00%.

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

Insider Transactions at South Plains Financial

In related news, Director Noe G. Valles purchased 100,000 shares of South Plains Financial stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the acquisition, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. The trade was a 25.88% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 24.58% of the company's stock.

South Plains Financial Company Profile

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.

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