Summit Global Investments Invests $249,000 in South Plains Financial, Inc. (NASDAQ:SPFI)

Summit Global Investments purchased a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 7,170 shares of the company’s stock, valued at approximately $249,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPFI. JPMorgan Chase & Co. grew its position in shares of South Plains Financial by 200.1% in the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock valued at $5,962,000 after purchasing an additional 117,207 shares in the last quarter. Franklin Resources Inc. acquired a new position in South Plains Financial during the third quarter worth $223,000. BNP Paribas Financial Markets grew its holdings in 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 buying an additional 1,891 shares in the last quarter. State Street Corp increased its stake in shares of South Plains Financial by 4.7% in the 3rd quarter. State Street Corp now owns 274,701 shares of the company’s stock worth $9,318,000 after acquiring an additional 12,271 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of South Plains Financial by 29.6% during the 3rd quarter. Barclays PLC now owns 53,367 shares of the company’s stock worth $1,810,000 after acquiring an additional 12,200 shares during the period. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Trading Up 0.1 %

Shares of NASDAQ:SPFI opened at $33.56 on Wednesday. South Plains Financial, Inc. has a 52 week low of $24.05 and a 52 week high of $40.91. The company’s 50 day moving average is $34.67 and its two-hundred day moving average is $35.22. The company has a market cap of $553.27 million, a PE ratio of 11.49 and a beta of 0.60. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

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

South Plains Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were issued a $0.15 dividend. The ex-dividend date was Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.79%. South Plains Financial’s payout ratio is 20.55%.

South Plains Financial announced that its board has approved a stock repurchase plan on Tuesday, February 25th that allows the company to repurchase $15.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Hovde Group boosted their target price on shares of South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $45.00 price target (down from $46.00) on shares of South Plains Financial in a report on Monday, January 27th.

Insider Buying and Selling at South Plains Financial

In other news, Director Noe G. Valles bought 100,000 shares of South Plains Financial stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the purchase, the director now owns 486,437 shares of the company’s stock, valued at approximately $16,052,421. The trade was a 25.88 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Curtis C. Griffith sold 21,443 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $35.36, for a total transaction of $758,224.48. Following the completion of the sale, the chief executive officer now owns 807,240 shares of the company’s stock, valued at approximately $28,544,006.40. The trade was a 2.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,061 shares of company stock valued at $1,493,613 in the last ninety days. Insiders own 25.39% 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.