South Plains Financial (NASDAQ:SPFI) Sees Unusually-High Trading Volume – What’s Next?

South Plains Financial, Inc. (NASDAQ:SPFI) saw unusually-high trading volume on Friday . Approximately 30,748 shares changed hands during trading, a decline of 13% from the previous session’s volume of 35,509 shares.The stock last traded at $33.88 and had previously closed at $33.67.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPFI. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 price target (down from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group boosted their price target on South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th.

South Plains Financial Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The company’s fifty day moving average is $34.94 and its two-hundred day moving average is $35.27. The company has a market cap of $547.59 million, a price-to-earnings ratio of 11.44 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $0.61 earnings per share. On average, research analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $0.60 annualized dividend and a yield of 1.80%. South Plains Financial’s dividend payout ratio is presently 20.55%.

South Plains Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, February 25th that permits the company to buyback $15.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at South Plains Financial

In related news, CEO Curtis C. Griffith sold 15,422 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $35.69, for a total value of $550,411.18. Following the completion of the sale, the chief executive officer now owns 854,818 shares of the company’s stock, valued at approximately $30,508,454.42. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 42,061 shares of company stock worth $1,493,613 in the last 90 days. Corporate insiders own 25.39% of the company’s stock.

Institutional Trading of South Plains Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE acquired a new position in shares of South Plains Financial in the third quarter worth $36,000. FMR LLC boosted its stake in shares of South Plains Financial by 39.3% in the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after buying an additional 394 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of South Plains Financial during the fourth quarter worth approximately $101,000. BNP Paribas Financial Markets increased its position in shares of South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after purchasing an additional 1,891 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of South Plains Financial by 20.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after purchasing an additional 800 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.