Insider Selling: South Plains Financial (NASDAQ:SPFI) Director Sells 17,809 Shares of Stock

Key Points

• Director Richard Campbell sold 17,809 South Plains Financial shares for about $784,665, at an average price of $44.06. He retained 1,332,412 shares after the sale, a 1.32% reduction in his position.
• South Plains Financial’s latest quarterly results beat expectations, with earnings of $1.06 per share versus the $0.99 consensus and revenue of $65.27 million. The company also raised its quarterly dividend from $0.18 to $0.19 per share.
• Analysts’ consensus rating is Buy, with an average price target of $49.60; the stock traded at $42.86 on Thursday.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 17,809 shares of the firm's stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $44.06, for a total value of $784,664.54. Following the transaction, the director owned 1,332,412 shares of the company's stock, valued at $58,706,072.72. This represents a 1.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

South Plains Financial Price Performance

NASDAQ:SPFI traded down $1.08 during trading hours on Thursday, reaching $42.86. The stock had a trading volume of 168,971 shares, compared to its average volume of 98,760. The stock has a market capitalization of $807.91 million, a PE ratio of 11.37 and a beta of 0.47. South Plains Financial, Inc. has a 52 week low of $35.81 and a 52 week high of $46.94. The company has a 50 day moving average price of $43.54 and a two-hundred day moving average price of $42.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.97.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its earnings results on Thursday, October 22nd. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. South Plains Financial had a net margin of 21.23% and a return on equity of 12.36%. The firm had revenue of $65.27 million during the quarter, compared to analyst estimates of $65.22 million. As a group, sell-side analysts anticipate that South Plains Financial, Inc. will post 3.86 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.8%. This is an increase from South Plains Financial's previous quarterly dividend of $0.18. The ex-dividend date is Monday, November 2nd. South Plains Financial's dividend payout ratio (DPR) is 20.16%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPFI. Weiss Ratings upgraded shares of South Plains Financial from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, October 29th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reaffirmed a "buy" rating on shares of South Plains Financial in a report on Monday, July 20th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price target on shares of South Plains Financial in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $49.60.

Hedge Funds Weigh In On South Plains Financial

Several large investors have recently modified their holdings of SPFI. BlackRock Inc. purchased a new stake in South Plains Financial during the 2nd quarter valued at $61,644,000. Basswood Capital Management L.L.C. bought a new stake in South Plains Financial in the second quarter worth $13,426,000. Empowered Funds LLC bought a new stake in South Plains Financial in the second quarter worth $3,981,000. Corient Private Wealth LP purchased a new position in South Plains Financial during the second quarter worth $3,346,000. Finally, Renaissance Technologies LLC boosted its stake in South Plains Financial by 0.9% during the first quarter. Renaissance Technologies LLC now owns 76,400 shares of the company's stock worth $3,201,000 after buying an additional 700 shares during the period. Institutional investors own 54.95% of the company's stock.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.

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