South Plains Financial, Inc. (NASDAQ:SPFI) Director Noe G. Valles Purchases 100,000 Shares of Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Noe G. Valles purchased 100,000 shares of South Plains Financial stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the transaction, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

South Plains Financial Stock Up 0.4 %

South Plains Financial stock opened at $32.62 on Thursday. South Plains Financial, Inc. has a fifty-two week low of $24.05 and a fifty-two week high of $40.91. 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 firm has a 50 day moving average price of $34.79 and a 200 day moving average price of $35.28. The company has a market capitalization of $534.64 million, a PE ratio of 11.17 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, beating 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 firm posted $0.61 earnings per share. Research 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 paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $0.60 annualized dividend and a dividend yield of 1.84%. South Plains Financial’s dividend payout ratio (DPR) is 20.55%.

South Plains Financial declared that its board has approved a stock buyback program on Tuesday, February 25th that allows the company to repurchase $15.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research report on Monday, January 27th. Hovde Group lifted 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.

Hedge Funds Weigh In On South Plains Financial

Several institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of South Plains Financial by 4.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company’s stock worth $235,000 after acquiring an additional 304 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of South Plains Financial by 3.4% in the fourth quarter. Sterling Capital Management LLC now owns 10,360 shares of the company’s stock worth $360,000 after acquiring an additional 340 shares in the last quarter. FMR LLC grew its stake in shares of South Plains Financial by 39.3% in the third quarter. FMR LLC now owns 1,397 shares of the company’s stock worth $47,000 after acquiring an additional 394 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of South Plains Financial by 20.9% in the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock worth $157,000 after acquiring an additional 800 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of South Plains Financial by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock worth $1,193,000 after purchasing an additional 991 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.