South Plains Financial (NASDAQ:SPFI) Director Sells $617,398.46 in Stock

Key Points

• Director Sale: South Plains Financial Director Richard Campbell sold 15,583 shares for a total of $617,398.46, reducing his ownership by 1.01% but still holding approximately 1.53 million shares valued at over $60 million.
• Quarterly Earnings Beat: The company reported earnings of $0.86 per share for the last quarter, exceeding analyst expectations of $0.77, alongside a revenue of $54.67 million, above the anticipated $52.24 million.
• Dividend Increase: South Plains Financial announced a quarterly dividend increase to $0.16 per share from the previous $0.15, resulting in an annual yield of 1.6% with a payout ratio of 20%.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) Director Richard Campbell sold 15,583 shares of the business's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $39.62, for a total transaction of $617,398.46. Following the completion of the sale, the director directly owned 1,529,386 shares in the company, valued at approximately $60,594,273.32. This represents a 1.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

South Plains Financial Stock Performance

NASDAQ SPFI traded up $0.53 on Monday, hitting $40.33. 40,255 shares of the stock were exchanged, compared to its average volume of 42,042. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.93. The business's fifty day moving average is $39.15 and its 200 day moving average is $35.96. South Plains Financial, Inc. has a 52 week low of $30.01 and a 52 week high of $42.38. The company has a market capitalization of $654.96 million, a PE ratio of 12.44 and a beta of 0.72.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $52.24 million. During the same period in the prior year, the firm posted $0.66 earnings per share. Research analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

South Plains Financial Increases Dividend

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

Analyst Ratings Changes

Separately, Raymond James Financial reaffirmed 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 analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $44.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its holdings in South Plains Financial by 11.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock valued at $93,000 after purchasing an additional 258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in South Plains Financial by 4.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock valued at $235,000 after purchasing an additional 304 shares during the period. Teacher Retirement System of Texas boosted its holdings in South Plains Financial by 3.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,368 shares of the company's stock valued at $374,000 after purchasing an additional 326 shares during the period. Empowered Funds LLC boosted its holdings in South Plains Financial by 0.4% in the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company's stock valued at $2,956,000 after purchasing an additional 398 shares during the period. Finally, First Trust Advisors LP boosted its holdings in South Plains Financial by 5.3% in the 2nd quarter. First Trust Advisors LP now owns 10,356 shares of the company's stock valued at $373,000 after purchasing an additional 517 shares during the period. Institutional investors and hedge funds own 54.95% of the company's stock.

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.

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