Dimensional Fund Advisors LP Purchases 21,444 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Dimensional Fund Advisors LP increased its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 5.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 426,077 shares of the company's stock after purchasing an additional 21,444 shares during the period. Dimensional Fund Advisors LP owned approximately 2.60% of South Plains Financial worth $14,806,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. American Century Companies Inc. lifted its holdings in shares of South Plains Financial by 16.5% during the 4th quarter. American Century Companies Inc. now owns 248,456 shares of the company's stock valued at $8,634,000 after purchasing an additional 35,207 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of South Plains Financial by 40.8% during the 4th quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company's stock valued at $8,598,000 after purchasing an additional 71,656 shares in the last quarter. Barclays PLC lifted its holdings in shares of South Plains Financial by 5.9% during the 4th quarter. Barclays PLC now owns 56,528 shares of the company's stock valued at $1,965,000 after purchasing an additional 3,161 shares in the last quarter. Martingale Asset Management L P lifted its holdings in shares of South Plains Financial by 15.4% during the 4th quarter. Martingale Asset Management L P now owns 46,234 shares of the company's stock valued at $1,607,000 after purchasing an additional 6,160 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings 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 valued at $1,193,000 after purchasing an additional 991 shares in the last quarter. Institutional investors own 54.95% of the company's stock.

South Plains Financial Stock Performance

SPFI traded up $0.71 during trading on Monday, hitting $35.24. The stock had a trading volume of 25,141 shares, compared to its average volume of 38,861. The company has a 50 day moving average price of $32.84 and a 200-day moving average price of $35.03. The firm has a market cap of $571.87 million, a price-to-earnings ratio of 12.07 and a beta of 0.70. 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 current ratio of 0.92 and a quick ratio of 0.92.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. The business had revenue of $49.15 million during the quarter, compared to the consensus estimate of $48.93 million. South Plains Financial had a return on equity of 11.75% and a net margin of 17.20%. During the same period in the previous year, the company posted $0.64 EPS. As a group, research analysts predict that South Plains Financial, Inc. will post 2.85 EPS for the current year.

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

South Plains Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, April 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.70%. South Plains Financial's payout ratio is 20.00%.

Insider Activity

In other news, CEO Curtis C. Griffith sold 21,443 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $35.36, for a total transaction of $758,224.48. Following the completion of the sale, the chief executive officer now directly owns 807,240 shares in the company, valued at approximately $28,544,006.40. This represents a 2.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Noe G. Valles bought 100,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $33.00 per share, with a total value of $3,300,000.00. Following the completion of the transaction, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. This trade represents a 25.88% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 42,061 shares of company stock worth $1,493,613. 24.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $45.00 target price (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Hovde Group boosted their target price on South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Finally, Raymond James decreased their target price on South Plains Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, April 25th.

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.