Insider Selling: South Plains Financial (NASDAQ:SPFI) Director Sells $4,454,000.00 in Stock

Key Points

• Director James Stein sold 100,000 South Plains Financial shares at an average price of $44.54, generating $4.454 million and reducing his stake by 29.17% to 242,872 shares.
• South Plains Financial exceeded quarterly expectations, reporting $0.96 EPS versus the $0.94 consensus and revenue of $64.49 million versus $63.34 million expected.
• The company increased its quarterly dividend to $0.18 per share, or $0.72 annually, representing a 1.6% yield; analysts maintain a “Moderate Buy” consensus with an average $49.60 price target.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director James Stein sold 100,000 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 242,872 shares in the company, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

South Plains Financial Stock Performance

Shares of SPFI traded down $0.42 during mid-day trading on Thursday, hitting $44.68. The stock had a trading volume of 118,219 shares, compared to its average volume of 116,172. South Plains Financial, Inc. has a fifty-two week low of $35.34 and a fifty-two week high of $46.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. The company has a market cap of $855.62 million, a PE ratio of 12.17 and a beta of 0.46. The company's fifty day simple moving average is $42.24 and its two-hundred day simple moving average is $41.91.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%.The business had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. On average, equities analysts expect 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 announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, July 27th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.6%. This is a positive change from South Plains Financial's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, July 27th. South Plains Financial's dividend payout ratio is currently 19.62%.

Institutional Investors Weigh In On South Plains Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in South Plains Financial by 15.0% in the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company's stock worth $16,994,000 after purchasing an additional 57,008 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of South Plains Financial during the 2nd quarter valued at $2,410,000. Legacy Wealth Management LLC MS bought a new stake in shares of South Plains Financial in the 2nd quarter worth $1,659,000. First Trust Advisors LP lifted its holdings in shares of South Plains Financial by 349.0% in the third quarter. First Trust Advisors LP now owns 46,503 shares of the company's stock valued at $1,797,000 after buying an additional 36,147 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of South Plains Financial in the first quarter valued at $1,451,000. Institutional investors own 54.95% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on SPFI shares. Raymond James Financial reaffirmed an "outperform" rating and issued a $50.00 price target on shares of South Plains Financial in a report on Monday, July 20th. Wall Street Zen upgraded shares of South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Benchmark reissued a "buy" rating on shares of South Plains Financial in a report on Monday, July 20th. Weiss Ratings upgraded South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $50.00 target price (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, South Plains Financial has an average rating of "Moderate Buy" and an average target price of $49.60.

About South Plains Financial

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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