Quantinno Capital Management LP Grows Position in South Plains Financial, Inc. (NASDAQ:SPFI)

Quantinno Capital Management LP lifted its stake in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 148.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,741 shares of the company's stock after purchasing an additional 26,757 shares during the period. Quantinno Capital Management LP owned about 0.27% of South Plains Financial worth $1,555,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in South Plains Financial by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company's stock valued at $8,598,000 after purchasing an additional 71,656 shares in the last quarter. American Century Companies Inc. increased its stake in shares of South Plains Financial by 16.5% during the fourth quarter. American Century Companies Inc. now owns 248,456 shares of the company's stock valued at $8,634,000 after buying an additional 35,207 shares during the period. Millennium Management LLC lifted its stake in South Plains Financial by 51.3% in the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company's stock worth $3,278,000 after acquiring an additional 31,983 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of South Plains Financial by 51.0% in the 4th quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company's stock valued at $2,266,000 after purchasing an additional 22,010 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of South Plains Financial by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 426,077 shares of the company's stock worth $14,806,000 after purchasing an additional 21,444 shares during the period. 54.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

South Plains Financial Stock Down 0.8%

Shares of SPFI traded down $0.27 during midday trading on Wednesday, hitting $35.53. 3,332 shares of the company's stock traded hands, compared to its average volume of 37,594. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $576.58 million, a price-to-earnings ratio of 12.12 and a beta of 0.70. South Plains Financial, Inc. has a 1 year low of $25.13 and a 1 year high of $40.91. The firm's fifty day moving average is $33.47 and its 200-day moving average is $35.05.

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, beating 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 during the quarter, compared to analysts' expectations of $48.93 million. During the same period last year, the business posted $0.64 earnings per share. As a group, sell-side analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Dividend Announcement

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

South Plains Financial declared that its board has authorized a share buyback plan on Tuesday, February 25th that authorizes the company to buyback $15.00 million in shares. This buyback authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other South Plains Financial news, Director Noe G. Valles bought 100,000 shares of South Plains Financial stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price 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 approximately $16,052,421. This trade represents a 25.88% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 24.58% of the company's stock.

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.