South Plains Financial (NASDAQ:SPFI) Trading Down 8.8% – What’s Next?

South Plains Financial, Inc. (NASDAQ:SPFI)’s stock price traded down 8.8% during mid-day trading on Thursday . The company traded as low as $31.01 and last traded at $31.01. 1,250 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 35,529 shares. The stock had previously closed at $34.02.

Wall Street Analysts Forecast Growth

Several research firms have commented on SPFI. Piper Sandler lifted their price target on South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Hovde Group upped their price target on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday.

South Plains Financial Stock Performance

The stock has a market cap of $549.71 million, a PE ratio of 8.95 and a beta of 0.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a 50-day simple moving average of $33.56 and a 200-day simple moving average of $29.87.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. The business had revenue of $72.28 million during the quarter, compared to analysts’ expectations of $48.90 million. During the same quarter in the previous year, the business earned $0.78 EPS. Equities analysts predict that South Plains Financial, Inc. will post 2.56 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, October 28th. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio (DPR) is currently 16.04%.

Insider Activity at South Plains Financial

In related news, CEO Curtis C. Griffith sold 1,599 shares of the 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 completion of the sale, the chief executive officer now directly owns 996,898 shares in the company, valued at approximately $30,903,838. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Curtis C. Griffith sold 1,599 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total transaction of $49,569.00. Following the transaction, the chief executive officer now directly owns 996,898 shares of the company’s stock, valued at approximately $30,903,838. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Curtis C. Griffith sold 9,591 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $30.10, for a total transaction of $288,689.10. Following the completion of the sale, the chief executive officer now directly owns 987,307 shares of the company’s stock, valued at $29,717,940.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Prospector Partners LLC increased its position in shares of South Plains Financial by 6.6% during the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock worth $900,000 after acquiring an additional 2,050 shares during the last quarter. SG Americas Securities LLC acquired a new stake in South Plains Financial during the 3rd quarter valued at approximately $149,000. Bank of New York Mellon Corp increased its holdings 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. BNP Paribas Financial Markets raised its position in shares of South Plains Financial by 45.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock valued at $484,000 after purchasing an additional 5,624 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of South Plains Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock valued at $2,547,000 after buying an additional 7,175 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.