Insider Selling: South Plains Financial (NASDAQ:SPFI) Director Sells $821,961.28 in Stock

Key Points

• Director Richard Campbell sold 18,848 shares for $821,961.28 at an average price of $43.61, reducing his stake by 1.36%; he retained 1,366,121 shares.
• South Plains Financial beat quarterly earnings estimates, reporting $1.06 per share versus a $0.99 consensus. It also raised its quarterly dividend from $0.18 to $0.19 per share.
• Analysts’ average rating is “Buy,” with an average price target of $49.60; the stock was trading at $42.86 in the article.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 18,848 shares of South Plains Financial stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $43.61, for a total transaction of $821,961.28. Following the completion of the sale, the director owned 1,366,121 shares of the company's stock, valued at $59,576,536.81. This trade represents a 1.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

South Plains Financial Stock Performance

Shares of NASDAQ:SPFI traded down $1.08 on Thursday, reaching $42.86. 168,971 shares of the company's stock were exchanged, compared to its average volume of 98,760. The company has a fifty day moving average of $43.54 and a 200-day moving average of $42.66. South Plains Financial, Inc. has a twelve month low of $35.81 and a twelve month high of $46.94. The company has a market capitalization of $807.91 million, a price-to-earnings ratio of 11.65 and a beta of 0.47. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly 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. The company had revenue of $65.27 million during the quarter, compared to the consensus estimate of $65.22 million. South Plains Financial had a net margin of 21.23% and a return on equity of 12.36%. On average, research analysts predict that South Plains Financial, Inc. will post 3.86 EPS for the current fiscal year.

South Plains Financial Increases Dividend

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On South Plains Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in shares of South Plains Financial by 71.2% during the 1st quarter. Royal Bank of Canada now owns 642 shares of the company's stock worth $27,000 after buying an additional 267 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of South Plains Financial during the 3rd quarter worth $62,000. Northwestern Mutual Wealth Management Co. acquired a new stake in South Plains Financial in the second quarter valued at about $103,000. Public Employees Retirement System of Ohio acquired a new stake in South Plains Financial in the second quarter valued at about $173,000. Finally, Sequoia Financial Advisors LLC bought a new position in South Plains Financial in the second quarter valued at about $204,000. 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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