Salzhauer Michael Raises Holdings in South Plains Financial, Inc. (NASDAQ:SPFI)

Salzhauer Michael lifted its position in South Plains Financial, Inc. (NASDAQ:SPFI) by 87.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,708 shares of the company’s stock after purchasing an additional 8,708 shares during the quarter. Salzhauer Michael’s holdings in South Plains Financial were worth $505,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in shares of South Plains Financial by 35.1% in the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock valued at $361,000 after acquiring an additional 3,236 shares during the period. Bank of New York Mellon Corp grew its position in South Plains Financial by 8.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 63,462 shares of the company’s stock worth $1,713,000 after purchasing an additional 4,787 shares during the last quarter. Empowered Funds LLC increased its stake in South Plains Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock valued at $2,547,000 after purchasing an additional 7,175 shares during the period. Acadian Asset Management LLC raised its holdings in shares of South Plains Financial by 3.8% in the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock valued at $5,595,000 after buying an additional 7,562 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of South Plains Financial by 2.3% during the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after buying an additional 12,196 shares during the period. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Stock Performance

Shares of SPFI opened at $32.99 on Monday. South Plains Financial, Inc. has a 12-month low of $24.05 and a 12-month high of $34.93. The stock has a market cap of $540.71 million, a P/E ratio of 8.82 and a beta of 0.59. 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 has a 50-day moving average of $31.99 and a two-hundred day moving average of $28.30.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Thursday, July 18th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $71.92 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $0.55 EPS. As a group, research analysts predict that South Plains Financial, Inc. will post 2.52 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 12th. Investors of record on Monday, July 29th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Monday, July 29th. South Plains Financial’s payout ratio is currently 14.97%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPFI. Piper Sandler boosted their price objective on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Hovde Group lifted their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, July 19th.

Insider Buying and Selling

In other news, Director Noe G. Valles bought 50,000 shares of South Plains Financial stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $30.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the director now owns 336,437 shares in the company, valued at $10,093,110. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other South Plains Financial news, Director Noe G. Valles purchased 50,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $30.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Curtis C. Griffith sold 1,599 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total value of $49,569.00. Following the sale, the chief executive officer now owns 996,898 shares in the company, valued at approximately $30,903,838. The disclosure for this sale can be found here. 25.39% of the stock is currently owned by company insiders.

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.