South Plains Financial (NASDAQ:SPFI) Hits New 1-Year High – Here’s What Happened

South Plains Financial, Inc. (NASDAQ:SPFI)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $35.61 and last traded at $34.94, with a volume of 1754 shares changing hands. The stock had previously closed at $35.21.

Wall Street Analyst Weigh In

SPFI has been the topic of a number of recent research reports. Piper Sandler boosted their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Hovde Group boosted their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th.

South Plains Financial Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $33.31 and its 200-day moving average is $29.63. The stock has a market cap of $566.77 million, a PE ratio of 13.06 and a beta of 0.58.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.56 by $0.10. The business had revenue of $71.92 million for the quarter, compared to analysts’ expectations of $46.50 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same quarter in the previous year, the firm posted $0.55 earnings per share. As a group, sell-side analysts predict that South Plains Financial, Inc. will post 2.56 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, October 28th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, October 28th. South Plains Financial’s dividend payout ratio is presently 20.82%.

Insider Transactions at South Plains Financial

In related news, Director Noe G. Valles purchased 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the acquisition, the director now directly owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Curtis C. Griffith sold 9,591 shares of South Plains Financial stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $30.10, for a total value of $288,689.10. Following the completion of the transaction, the chief executive officer now directly owns 987,307 shares in the company, valued at approximately $29,717,940.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noe G. Valles acquired 50,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the acquisition, the director now owns 336,437 shares of the company’s stock, valued at $10,093,110. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 25.39% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SPFI. Creative Planning bought a new position in South Plains Financial during the third quarter worth $504,000. SG Americas Securities LLC acquired a new stake in shares of South Plains Financial during the third quarter worth $149,000. Prospector Partners LLC lifted its position in shares of South Plains Financial by 6.6% in the 2nd quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock worth $900,000 after buying an additional 2,050 shares during the last quarter. Salzhauer Michael boosted its holdings in shares of South Plains Financial by 87.1% in the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after buying an additional 8,708 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of South Plains Financial by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after buying an additional 30,665 shares during the last quarter. Institutional investors and hedge funds 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.