16,010 Shares in South Plains Financial, Inc. $SPFI Bought by Quantbot Technologies LP

Quantbot Technologies LP purchased a new position in South Plains Financial, Inc. (NASDAQ:SPFI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,010 shares of the company’s stock, valued at approximately $690,000. Quantbot Technologies LP owned about 0.08% of South Plains Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of South Plains Financial in the 2nd quarter valued at about $415,000. BlackRock Inc. bought a new position in South Plains Financial during the 2nd quarter worth approximately $61,644,000. Deutsche Bank AG purchased a new position in South Plains Financial in the 2nd quarter worth approximately $660,000. Bank of New York Mellon Corp purchased a new position in South Plains Financial in the 2nd quarter worth approximately $2,755,000. Finally, Wedge Capital Management L L P NC bought a new stake in South Plains Financial in the second quarter valued at approximately $2,410,000. 54.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SPFI has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research note on Monday, July 20th. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 target price on shares of South Plains Financial in a research note on Monday, July 20th. Wall Street Zen upgraded shares of South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings raised shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Finally, Piper Sandler cut their price target on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.60.

South Plains Financial Trading Up 0.2%

Shares of SPFI opened at $43.62 on Friday. South Plains Financial, Inc. has a 1-year low of $35.34 and a 1-year high of $46.94. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average price is $43.82 and its 200-day moving average price is $42.41. The firm has a market capitalization of $821.80 million, a price-to-earnings ratio of 11.89 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 12.36%. The company had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. Sell-side analysts anticipate that South Plains Financial, Inc. will post 3.77 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, July 27th were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, July 27th. This represents a $0.72 annualized dividend and a dividend yield of 1.7%. This is an increase from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s dividend payout ratio is currently 19.62%.

Insider Buying and Selling

In other news, Director James D. Stein sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the transaction, the director owned 242,872 shares in the company, valued at $10,817,518.88. This trade represents a 29.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard D. Campbell sold 132,714 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $44.75, for a total value of $5,938,951.50. Following the completion of the sale, the director directly owned 1,412,255 shares in the company, valued at approximately $63,198,411.25. The trade was a 8.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 260,000 shares of company stock valued at $11,624,642. 24.29% of the stock is currently owned by company insiders.

South Plains Financial Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.