Insider Buying: South Plains Financial, Inc. (NASDAQ:SPFI) Director Buys 100,000 Shares of Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Noe G. Valles purchased 100,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the purchase, the director now directly owns 486,437 shares in the company, valued at approximately $16,052,421. This trade represents a 25.88 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

South Plains Financial Trading Up 0.4 %

Shares of SPFI stock traded up $0.12 during trading hours on Wednesday, hitting $32.62. 39,536 shares of the company were exchanged, compared to its average volume of 35,299. The firm has a market cap of $534.64 million, a P/E ratio of 11.17 and a beta of 0.60. 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 50 day simple moving average of $34.79 and a two-hundred day simple moving average of $35.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Friday, January 24th. The company reported $0.96 EPS for the quarter, topping 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 quarter in the prior year, the firm earned $0.61 earnings per share. Equities analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial announced that its Board of Directors has authorized a stock repurchase program on Tuesday, February 25th that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

South Plains Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s dividend payout ratio is currently 20.55%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Hovde Group upped their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th.

Institutional Trading of South Plains Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in South Plains Financial by 11.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 19,976 shares of the company’s stock valued at $694,000 after buying an additional 2,127 shares during the period. Two Sigma Advisers LP increased its holdings in shares of South Plains Financial by 42.3% in the fourth quarter. Two Sigma Advisers LP now owns 42,700 shares of the company’s stock worth $1,484,000 after buying an additional 12,700 shares during the period. Quantinno Capital Management LP lifted its stake in shares of South Plains Financial by 148.8% in the 4th quarter. Quantinno Capital Management LP now owns 44,741 shares of the company’s stock valued at $1,555,000 after acquiring an additional 26,757 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of South Plains Financial by 51.0% in the fourth quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company’s stock worth $2,266,000 after purchasing an additional 22,010 shares during the last quarter. Finally, Millennium Management LLC boosted its position in South Plains Financial by 51.3% during the 4th quarter. Millennium Management LLC now owns 94,332 shares of the company’s stock valued at $3,278,000 after buying an additional 31,983 shares during the period. Institutional investors 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.