Basswood Capital Management L.L.C. Takes Position in South Plains Financial, Inc. $SPFI

Basswood Capital Management L.L.C. bought a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 311,615 shares of the company’s stock, valued at approximately $13,426,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in South Plains Financial during the second quarter worth approximately $61,644,000. Bank of New York Mellon Corp purchased a new position in South Plains Financial in the second quarter valued at approximately $2,755,000. JPMorgan Chase & Co. raised its holdings in South Plains Financial by 15.0% during the fourth quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock worth $16,994,000 after purchasing an additional 57,008 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in South Plains Financial during the second quarter worth approximately $2,410,000. Finally, Legacy Wealth Management LLC MS acquired a new stake in South Plains Financial during the second quarter worth approximately $1,659,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Trading Down 0.4%

SPFI opened at $43.54 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. South Plains Financial, Inc. has a 52 week low of $35.34 and a 52 week high of $46.94. The business’s 50 day moving average is $43.76 and its two-hundred day moving average is $42.40. The firm has a market cap of $820.29 million, a price-to-earnings ratio of 11.86 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.02. The business had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. On average, research analysts predict that South Plains Financial, Inc. will post 3.77 EPS for the current year.

South Plains Financial Increases Dividend

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

Insider Buying and Selling at South Plains Financial

In related news, Director Richard D. Campbell sold 27,286 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $45.14, for a total transaction of $1,231,690.04. Following the completion of the sale, the director owned 1,384,969 shares in the company, valued at $62,517,500.66. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James D. Stein sold 100,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the transaction, the director directly owned 242,872 shares in the company, valued at $10,817,518.88. The trade was a 29.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 260,000 shares of company stock valued at $11,624,642. 24.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Benchmark restated a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. 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. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research note on Monday, July 20th. Finally, Piper Sandler dropped their price objective on 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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.60.

South Plains Financial Company 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.