South Plains Financial (NASDAQ:SPFI) Stock: Insider Richard Campbell Sells 16,700 Shares

South Plains Financial, Inc. (NASDAQ:SPFI) Director Richard Campbell sold 16,700 shares of South Plains Financial stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $43.28, for a total value of $722,776.00. Following the completion of the transaction, the director directly owned 1,307,658 shares of the company’s stock, valued at approximately $56,595,438.24. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

South Plains Financial Trading Down 0.6%

Shares of NASDAQ:SPFI traded down $0.24 during midday trading on Thursday, reaching $42.80. The company’s stock had a trading volume of 57,528 shares, compared to its average volume of 103,010. The firm has a market capitalization of $806.78 million, a price-to-earnings ratio of 11.42 and a beta of 0.47. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50 day moving average price of $43.44 and a two-hundred day moving average price of $42.70. South Plains Financial, Inc. has a fifty-two week low of $36.38 and a fifty-two week high of $46.94.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Thursday, October 22nd. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.99 by $0.07. South Plains Financial had a return on equity of 12.36% and a net margin of 21.23%. The company had revenue of $65.27 million for the quarter, compared to analyst estimates of $65.22 million. As a group, analysts forecast that South Plains Financial, Inc. will post 3.86 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be issued a $0.19 dividend. The ex-dividend date is Monday, November 2nd. This is an increase from South Plains Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 1.8%. South Plains Financial’s dividend payout ratio is presently 20.16%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SPFI. Weiss Ratings raised South Plains Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, October 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price objective on shares of South Plains Financial in a research report on Monday, July 20th. Finally, Benchmark reiterated a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $49.60.

Institutional Investors Weigh In On South Plains Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of South Plains Financial during the second quarter valued at about $61,644,000. Legacy Wealth Management LLC MS bought a new position in shares of South Plains Financial during the 2nd quarter worth about $1,659,000. Bank of America Corp DE bought a new position in shares of South Plains Financial during the 2nd quarter worth about $1,099,000. Wedge Capital Management L L P NC acquired a new stake in shares of South Plains Financial in the 2nd quarter valued at about $2,410,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of South Plains Financial in the 2nd quarter valued at about $2,755,000. 54.95% of the stock is owned by institutional investors.

South Plains Financial Company Profile

South Plains Financial, Inc. is a bank holding company headquartered in Lubbock, Texas, and the parent company of City Bank. Through City Bank, it provides banking and related financial services to individuals, businesses and other organizations. Its services include personal and commercial deposit accounts, lending, mortgage banking, treasury management and wealth-related services. The company serves customers primarily in Texas and New Mexico through its branch network and other banking channels.