South Plains Financial, Inc. (NASDAQ:SPFI) Shares Sold by Globeflex Capital L P

Globeflex Capital L P reduced its position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 20.7% during the fourth quarter, HoldingsChannel reports. The firm owned 23,588 shares of the company’s stock after selling 6,151 shares during the quarter. Globeflex Capital L P’s holdings in South Plains Financial were worth $820,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SPFI. JPMorgan Chase & Co. lifted its position in shares of 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 purchasing an additional 117,207 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of South Plains Financial in the third quarter worth $2,882,000. Jacobs Levy Equity Management Inc. increased its stake in shares of South Plains Financial by 77.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company’s stock worth $1,617,000 after buying an additional 20,756 shares during the last quarter. State Street Corp increased its stake 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 worth $9,318,000 after buying an additional 12,271 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of South Plains Financial by 29.6% in the third quarter. Barclays PLC now owns 53,367 shares of the company’s stock worth $1,810,000 after buying an additional 12,200 shares during the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 5,196 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $35.60, for a total transaction of $184,977.60. Following the sale, the chief executive officer now owns 828,683 shares in the company, valued at approximately $29,501,114.80. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Noe G. Valles acquired 100,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the acquisition, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. This trade represents a 25.88 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 42,061 shares of company stock valued at $1,493,613. 25.39% of the stock is owned by insiders.

South Plains Financial Stock Up 1.8 %

South Plains Financial stock opened at $32.95 on Friday. The company has a 50-day simple moving average of $34.72 and a 200-day simple moving average of $35.25. The firm has a market capitalization of $543.21 million, a P/E ratio of 11.28 and a beta of 0.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. South Plains Financial, Inc. has a one year low of $24.05 and a one year high of $40.91.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share 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 period in the prior year, the company earned $0.61 earnings per share. As a group, equities analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s payout ratio is 20.55%.

South Plains Financial announced that its board has initiated a stock buyback program on Tuesday, February 25th that authorizes the company to buyback $15.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

South Plains Financial 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.