South Plains Financial (NASDAQ:SPFI) Director Sells $403,800.00 in Stock

Key Points

• Director James Stein sold 10,000 shares of South Plains Financial for about $403,800 at an average price of $40.38, reducing his direct stake by 2.68%.
• The stock was down 0.5% to $39.39 in Tuesday trading, and the company’s latest earnings came in slightly below estimates with EPS of $0.85 versus $0.88 expected.
• South Plains Financial recently paid a quarterly dividend of $0.17 and has a $10 million share repurchase program underway; analysts currently rate the stock a Moderate Buy with an average target price of $46.25.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director James Stein sold 10,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $40.38, for a total value of $403,800.00. Following the completion of the transaction, the director directly owned 362,872 shares in the company, valued at approximately $14,652,771.36. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

South Plains Financial Trading Down 0.5%

Shares of South Plains Financial stock traded down $0.19 during trading hours on Tuesday, hitting $39.39. The company's stock had a trading volume of 64,541 shares, compared to its average volume of 94,613. The company has a market capitalization of $754.32 million, a PE ratio of 11.03 and a beta of 0.48. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a 50 day moving average of $42.04 and a 200 day moving average of $40.50. South Plains Financial, Inc. has a 12 month low of $33.66 and a 12 month high of $45.09.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.03). South Plains Financial had a return on equity of 12.58% and a net margin of 20.22%.The firm had revenue of $54.15 million for the quarter, compared to the consensus estimate of $54.08 million. Analysts predict that South Plains Financial, Inc. will post 3.79 earnings per share for the current year.

South Plains Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, April 27th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, April 27th. South Plains Financial's dividend payout ratio (DPR) is presently 19.05%.

South Plains Financial announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 23rd that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to buy up to 1.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler reduced their price target on South Plains Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. Weiss Ratings upgraded South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday. Zacks Research cut shares of South Plains Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 27th. Hovde Group upped their price target on shares of South Plains Financial from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Tuesday, January 27th. Finally, Wall Street Zen raised shares of South Plains Financial from a "sell" rating to a "hold" rating in a research report on Sunday. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $46.25.

Institutional Investors Weigh In On South Plains Financial

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of South Plains Financial by 15.0% during the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company's stock worth $16,994,000 after buying an additional 57,008 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of South Plains Financial during the 3rd quarter valued at $1,624,000. First Trust Advisors LP grew its position in South Plains Financial by 349.0% during the 3rd quarter. First Trust Advisors LP now owns 46,503 shares of the company's stock worth $1,797,000 after acquiring an additional 36,147 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in South Plains Financial during the 1st quarter worth $1,451,000. Finally, Two Sigma Investments LP increased its holdings in South Plains Financial by 63.3% in the 3rd quarter. Two Sigma Investments LP now owns 76,792 shares of the company's stock worth $2,968,000 after purchasing an additional 29,767 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company's stock.

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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