South Plains Financial, Inc. (NASDAQ:SPFI) Shares Bought by Two Sigma Advisers LP

Two Sigma Advisers LP lifted its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 42.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,700 shares of the company's stock after purchasing an additional 12,700 shares during the quarter. Two Sigma Advisers LP owned about 0.26% of South Plains Financial worth $1,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in South Plains Financial by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 426,077 shares of the company's stock valued at $14,806,000 after buying an additional 21,444 shares during the period. American Century Companies Inc. lifted its position in shares of South Plains Financial by 16.5% during the 4th quarter. American Century Companies Inc. now owns 248,456 shares of the company's stock worth $8,634,000 after purchasing an additional 35,207 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of South Plains Financial by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company's stock worth $8,598,000 after purchasing an additional 71,656 shares during the last quarter. Northern Trust Corp grew its stake in shares of South Plains Financial by 7.6% during the fourth quarter. Northern Trust Corp now owns 110,823 shares of the company's stock worth $3,851,000 after purchasing an additional 7,791 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in South Plains Financial by 51.3% in the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company's stock valued at $3,278,000 after buying an additional 31,983 shares during the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at South Plains Financial

In other South Plains Financial news, Director Noe G. Valles bought 100,000 shares of the company's stock in a transaction on Monday, March 10th. The shares were bought at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the transaction, the director now owns 486,437 shares of the company's stock, valued at approximately $16,052,421. This trade represents a 25.88% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 24.58% of the stock is owned by insiders.

South Plains Financial Stock Performance

Shares of South Plains Financial stock traded down $0.39 during trading hours on Wednesday, hitting $35.28. 21,599 shares of the company were exchanged, compared to its average volume of 37,612. 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 business has a 50-day moving average of $33.74 and a 200-day moving average of $34.92. South Plains Financial, Inc. has a 1 year low of $25.13 and a 1 year high of $40.91. The stock has a market capitalization of $572.52 million, a price-to-earnings ratio of 12.08 and a beta of 0.70.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. 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 company posted $0.64 EPS. As a group, analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

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

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 given a $0.15 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $0.60 dividend on an annualized basis and a yield of 1.70%. South Plains Financial's payout ratio is currently 20.00%.

Analysts Set New Price Targets

Separately, Raymond James decreased their price target 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 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.