Nuveen LLC Makes New Investment in South Plains Financial, Inc. $SPFI

Key Points

• Nuveen LLC has acquired 54,607 shares of South Plains Financial, Inc. during the 1st quarter, valued at approximately $1.8 million, representing a 0.34% stake in the company.
• South Plains Financial announced a quarterly dividend of $0.16 per share, having raised it from the previous $0.15, resulting in an annualized dividend of $0.64 and a yield of 1.6%.
• Raymond James reaffirmed an "outperform" rating on South Plains Financial with a revised price target of $42.00, indicating positive analyst sentiment towards the stock.

Nuveen LLC purchased a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 54,607 shares of the company's stock, valued at approximately $1,809,000. Nuveen LLC owned about 0.34% of South Plains Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in South Plains Financial by 8,686.1% in the 1st quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after buying an additional 6,254 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 in the last quarter. PDT Partners LLC purchased a new stake in shares of South Plains Financial during the fourth quarter valued at approximately $274,000. Wells Fargo & Company MN lifted its holdings in 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 acquiring an additional 1,506 shares during the period. Finally, Bailard Inc. bought a new stake in South Plains Financial during the first quarter worth $616,000. 54.95% of the stock is owned by institutional investors.

South Plains Financial Stock Performance

SPFI traded down $0.55 on Wednesday, hitting $40.05. The company's stock had a trading volume of 11,528 shares, compared to its average volume of 41,747. South Plains Financial, Inc. has a 12 month low of $30.01 and a 12 month high of $42.38. The firm has a market cap of $650.41 million, a P/E ratio of 12.52 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.24. The company's 50 day simple moving average is $38.49 and its 200-day simple moving average is $35.59.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The company had revenue of $54.67 million during the quarter, compared to analysts' expectations of $52.24 million. South Plains Financial had a net margin of 18.59% and a return on equity of 12.27%. During the same quarter in the previous year, the company earned $0.66 earnings per share. Analysts forecast that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, July 28th were given a dividend of $0.16 per share. The ex-dividend date was Monday, July 28th. This is a positive change from South Plains Financial's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.6%. South Plains Financial's dividend payout ratio (DPR) is 20.00%.

Analyst Ratings Changes

Separately, Raymond James Financial reaffirmed an "outperform" rating and set a $42.00 target price (up from $38.00) on shares of South Plains Financial in a research report on Thursday, July 17th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, South Plains Financial presently has an average rating of "Buy" and an average price target of $44.67.

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.