Renaissance Technologies LLC Sells 11,100 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Renaissance Technologies LLC cut its holdings in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 53.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,800 shares of the company's stock after selling 11,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.06% of South Plains Financial worth $341,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SPFI. Charles Schwab Investment Management Inc. boosted its stake in shares of South Plains Financial by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company's stock worth $1,193,000 after purchasing an additional 991 shares during the last quarter. SG Americas Securities LLC raised its holdings in South Plains Financial by 26.8% in the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock valued at $193,000 after acquiring an additional 1,175 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of South Plains Financial by 23.1% during the fourth 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. Rhumbline Advisers boosted its stake in South Plains Financial by 8.6% in the 4th quarter. Rhumbline Advisers now owns 19,036 shares of the company's stock worth $661,000 after buying an additional 1,512 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of South Plains Financial by 8.9% during the 4th quarter. Sei Investments Co. now owns 28,215 shares of the company's stock valued at $980,000 after acquiring an additional 2,311 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SPFI shares. Hovde Group increased their target price on South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Raymond James dropped their target price on South Plains Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and set a $45.00 price objective (down from $46.00) on shares of South Plains Financial in a report on Monday, January 27th.

South Plains Financial Stock Performance

Shares of South Plains Financial stock traded down $0.20 during trading hours on Friday, reaching $34.38. The company's stock had a trading volume of 4,518 shares, compared to its average volume of 38,686. The stock has a market cap of $557.92 million, a P/E ratio of 11.77 and a beta of 0.70. The company's 50 day simple moving average is $32.83 and its 200 day simple moving average is $35.01. South Plains Financial, Inc. has a one year low of $25.13 and a one year high of $40.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.72 EPS for the quarter, topping 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 firm had revenue of $49.15 million during the quarter, compared to the consensus estimate of $48.93 million. During the same period in the prior year, the business earned $0.64 EPS. As a group, analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Monday, April 28th. South Plains Financial's dividend payout ratio (DPR) is presently 20.00%.

South Plains Financial declared that its Board of Directors has approved a share repurchase program on Tuesday, February 25th that allows the company to buyback $15.00 million in shares. This buyback authorization allows the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at South Plains Financial

In related news, Director Noe G. Valles acquired 100,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the acquisition, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curtis C. Griffith sold 15,422 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $35.69, for a total value of $550,411.18. Following the completion of the transaction, the chief executive officer now owns 854,818 shares in the company, valued at $30,508,454.42. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,061 shares of company stock valued at $1,493,613. 24.58% of the stock is owned by corporate insiders.

South Plains Financial Company 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.