Polaris Capital Management LLC Reduces Position in South Plains Financial, Inc. (NASDAQ:SPFI)

Polaris Capital Management LLC decreased its holdings in South Plains Financial, Inc. (NASDAQ:SPFI) by 10.8% in the fourth quarter, Holdings Channel reports. The fund owned 140,300 shares of the company’s stock after selling 16,900 shares during the period. Polaris Capital Management LLC’s holdings in South Plains Financial were worth $4,875,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of SPFI. JPMorgan Chase & Co. lifted its position in South Plains Financial by 200.1% during the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock worth $5,962,000 after buying an additional 117,207 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of South Plains Financial during the 3rd quarter worth $2,882,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of South Plains Financial by 77.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company’s stock worth $1,617,000 after acquiring an additional 20,756 shares during the period. Creative Planning acquired a new position in shares of South Plains Financial during the 3rd quarter valued at about $504,000. Finally, State Street Corp grew its holdings in shares of South Plains Financial by 4.7% in the third quarter. State Street Corp now owns 274,701 shares of the company’s stock valued at $9,318,000 after purchasing an additional 12,271 shares during the period. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Stock Performance

NASDAQ SPFI opened at $35.97 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $589.55 million, a P/E ratio of 12.32 and a beta of 0.62. The stock has a 50-day moving average of $35.97 and a two-hundred day moving average of $34.87. South Plains Financial, Inc. has a 1-year low of $24.05 and a 1-year high of $40.90.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.29. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. During the same period in the previous year, the company earned $0.61 earnings per share. As a group, analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $0.60 annualized dividend and a dividend yield of 1.67%. South Plains Financial’s dividend payout ratio (DPR) is currently 20.55%.

Analyst Upgrades and Downgrades

SPFI has been the subject of several analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Hovde Group lifted their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, January 27th.

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.