South Plains Financial (NASDAQ:SPFI) Approves Stock Buyback Program

South Plains Financial (NASDAQ:SPFI) declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 25th, RTT News reports. The company plans to buyback $15.00 million in shares. This buyback authorization permits the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

South Plains Financial Trading Up 0.1 %

Shares of NASDAQ:SPFI opened at $34.63 on Friday. 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 stock has a market capitalization of $567.59 million, a price-to-earnings ratio of 11.86 and a beta of 0.62. South Plains Financial has a 1-year low of $24.05 and a 1-year high of $40.90. The company has a 50 day moving average price of $35.08 and a 200 day moving average price of $35.17.

South Plains Financial (NASDAQ:SPFI) last released 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 return on equity of 11.75% and a net margin of 17.20%. During the same quarter last year, the firm posted $0.61 earnings per share. On average, research analysts anticipate that South Plains Financial will post 2.85 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were paid a $0.15 dividend. The ex-dividend date was Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.73%. South Plains Financial’s dividend payout ratio is currently 20.55%.

Analyst Upgrades and Downgrades

SPFI has been the subject of several research analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $45.00 price objective (down previously from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group boosted 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 report on Monday, January 27th.

Insiders Place Their Bets

In related news, CEO Curtis C. Griffith sold 21,443 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $35.36, for a total value of $758,224.48. Following the completion of the transaction, the chief executive officer now owns 807,240 shares of the company’s stock, valued at approximately $28,544,006.40. This trade represents a 2.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 42,061 shares of company stock worth $1,493,613. Company 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.