PDT Partners LLC Acquires Shares of 7,872 South Plains Financial, Inc. (NASDAQ:SPFI)

PDT Partners LLC bought a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,872 shares of the company's stock, valued at approximately $274,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPFI. Sterling Capital Management LLC grew its position in South Plains Financial by 3.4% during the 4th quarter. Sterling Capital Management LLC now owns 10,360 shares of the company's stock worth $360,000 after acquiring an additional 340 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in South Plains Financial by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company's stock valued at $1,193,000 after buying an additional 991 shares during the period. SG Americas Securities LLC grew its holdings in South Plains Financial by 26.8% in the fourth quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock worth $193,000 after purchasing an additional 1,175 shares during the period. Wells Fargo & Company MN raised its position in shares of South Plains Financial by 23.1% in the 4th quarter. Wells Fargo & Company MN now owns 8,013 shares of the company's stock worth $278,000 after purchasing an additional 1,506 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in South Plains Financial by 8.6% in the 4th quarter. Rhumbline Advisers now owns 19,036 shares of the company's stock valued at $661,000 after acquiring an additional 1,512 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other South Plains Financial news, CEO Curtis C. Griffith sold 15,422 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $35.69, for a total transaction of $550,411.18. Following the transaction, the chief executive officer now directly owns 854,818 shares in the company, valued at approximately $30,508,454.42. This represents a 1.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Noe G. Valles acquired 100,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the completion of the transaction, the director now directly owns 486,437 shares in the company, valued at approximately $16,052,421. This represents a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 42,061 shares of company stock valued at $1,493,613. Insiders own 25.39% of the company's stock.

South Plains Financial Price Performance

NASDAQ:SPFI traded down $0.15 during trading hours on Tuesday, reaching $33.69. 25,450 shares of the company were exchanged, compared to its average volume of 38,767. The firm has a market cap of $546.99 million, a PE ratio of 11.54 and a beta of 0.70. South Plains Financial, Inc. has a twelve month low of $25.13 and a twelve month high of $40.91. The stock's 50-day moving average is $32.88 and its 200-day moving average is $35.03. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.07. South Plains Financial had a return on equity of 11.75% and a net margin of 17.20%. The business had revenue of $49.15 million during the quarter, compared to analysts' expectations of $48.93 million. During the same period in the previous year, the firm posted $0.64 earnings per share. On average, sell-side analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial announced that its board has initiated a share repurchase plan on Tuesday, February 25th that permits the company to buyback $15.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

South Plains Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Monday, April 28th. South Plains Financial's dividend payout ratio (DPR) is 20.00%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Hovde Group upped their target price on shares of South Plains Financial from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, January 27th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Finally, Raymond James reduced their target price on shares of 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 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.