Wedge Capital Management L L P NC Takes $2.41 Million Position in South Plains Financial, Inc. $SPFI

Key Points

• Wedge Capital Management initiated a $2.41 million position in South Plains Financial, purchasing 55,944 shares, while institutional investors collectively own 54.95% of the stock.
• Analysts remain broadly positive, with six Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $49.60.
• South Plains Financial exceeded quarterly earnings and revenue estimates, reporting $0.96 in EPS and $64.49 million in revenue, and raised its quarterly dividend to $0.18 per share.

Wedge Capital Management L L P NC bought a new position in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 55,944 shares of the company's stock, valued at approximately $2,410,000. Wedge Capital Management L L P NC owned 0.29% of South Plains Financial as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in South Plains Financial by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 706,328 shares of the company's stock worth $27,300,000 after purchasing an additional 7,889 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of South Plains Financial by 2.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 480,837 shares of the company's stock worth $18,584,000 after acquiring an additional 9,484 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of South Plains Financial by 15.0% during the 4th quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company's stock valued at $16,994,000 after purchasing an additional 57,008 shares during the last quarter. Geode Capital Management LLC boosted its holdings in South Plains Financial by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 293,340 shares of the company's stock worth $11,384,000 after acquiring an additional 2,029 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in South Plains Financial by 5.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 181,463 shares of the company's stock worth $7,041,000 after purchasing an additional 8,749 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on SPFI shares. Wall Street Zen upgraded South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $50.00 price target (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Raymond James Financial restated an "outperform" rating and issued a $50.00 price objective on shares of South Plains Financial in a research report on Monday, July 20th. Weiss Ratings raised shares of South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Finally, Piper Sandler dropped their price target on South Plains Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, April 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $49.60.

Insider Buying and Selling

In other South Plains Financial news, Director James D. Stein sold 100,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the sale, the director owned 242,872 shares of the company's stock, valued at $10,817,518.88. This trade represents a 29.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard D. Campbell sold 27,286 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $45.14, for a total transaction of $1,231,690.04. Following the completion of the sale, the director directly owned 1,384,969 shares in the company, valued at approximately $62,517,500.66. This trade represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 275,064 shares of company stock worth $12,227,446. 24.29% of the stock is owned by company insiders.

South Plains Financial Stock Up 0.2%

Shares of SPFI opened at $45.62 on Friday. The company's 50-day moving average price is $43.25 and its 200 day moving average price is $42.24. The firm has a market cap of $859.48 million, a P/E ratio of 12.43 and a beta of 0.46. South Plains Financial, Inc. has a 12-month low of $35.34 and a 12-month high of $46.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. The firm had revenue of $64.49 million during the quarter, compared to analysts' expectations of $63.34 million. On average, sell-side analysts forecast that South Plains Financial, Inc. will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, July 27th were given a dividend of $0.18 per share. This is a boost from South Plains Financial's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, July 27th. South Plains Financial's dividend payout ratio is currently 19.62%.

South Plains Financial Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.

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