Richard Campbell Sells 44,417 Shares of South Plains Financial (NASDAQ:SPFI) Stock

Key Points

• Richard Campbell, a director at South Plains Financial, sold 44,417 shares on September 11th for a total of approximately $1.79 million, reducing his ownership by 2.79%.
• South Plains Financial's stock recently traded at $40.33, reflecting a 1.3% increase in value, and the company has a market cap of $654.96 million.
• The company announced a quarterly dividend increase to $0.16 per share, marking a rise from the previous $0.15 dividend, with a current payout ratio of 20%.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 44,417 shares of South Plains Financial stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $40.21, for a total transaction of $1,786,007.57. Following the transaction, the director owned 1,544,969 shares of the company's stock, valued at $62,123,203.49. This represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

South Plains Financial Stock Up 1.3%

Shares of NASDAQ SPFI traded up $0.53 during mid-day trading on Monday, reaching $40.33. 40,255 shares of the company's stock traded hands, compared to its average volume of 42,042. The stock has a market cap of $654.96 million, a P/E ratio of 12.44 and a beta of 0.72. The business has a 50-day simple moving average of $39.15 and a 200 day simple moving average of $35.96. South Plains Financial, Inc. has a 1-year low of $30.01 and a 1-year high of $42.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.93.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. South Plains Financial had a net margin of 18.59% and a return on equity of 12.27%. The firm had revenue of $54.67 million during the quarter, compared to analysts' expectations of $52.24 million. During the same period last year, the company earned $0.66 earnings per share. On average, analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, July 28th were issued a $0.16 dividend. This is an increase from South Plains Financial's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, July 28th. South Plains Financial's dividend payout ratio is currently 20.00%.

Analyst Ratings Changes

Separately, Raymond James Financial reissued an "outperform" rating and set a $42.00 price target (up from $38.00) on shares of South Plains Financial in a research report on Thursday, July 17th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $44.67.

Institutional Trading of South Plains Financial

Several hedge funds have recently added to or reduced their stakes in SPFI. Northern Trust Corp raised its position in South Plains Financial by 7.6% in the fourth quarter. Northern Trust Corp now owns 110,823 shares of the company's stock worth $3,851,000 after acquiring an additional 7,791 shares during the period. Bank of America Corp DE increased its stake in shares of South Plains Financial by 18.9% in the fourth quarter. Bank of America Corp DE now owns 34,488 shares of the company's stock worth $1,198,000 after purchasing an additional 5,476 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of South Plains Financial by 4.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock worth $235,000 after purchasing an additional 304 shares in the last quarter. Millennium Management LLC increased its stake in shares of South Plains Financial by 51.3% in the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company's stock worth $3,278,000 after purchasing an additional 31,983 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of South Plains Financial by 51.0% in the fourth quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company's stock worth $2,266,000 after purchasing an additional 22,010 shares in the last quarter. Institutional investors own 54.95% of the company's stock.

About South Plains Financial

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.

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