South Plains Financial, Inc. (NASDAQ:SPFI) Director Purchases $3,300,000.00 in Stock

South Plains Financial, Inc. (NASDAQ:SPFI) Director Noe G. Valles bought 100,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $33.00 per share, with a total value 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 legal filing with the SEC, which can be accessed through this hyperlink.

South Plains Financial Stock Performance

Shares of SPFI opened at $32.95 on Friday. The company has a market capitalization of $543.21 million, a PE ratio of 11.28 and a beta of 0.60. South Plains Financial, Inc. has a one year low of $24.05 and a one year high of $40.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company’s fifty day moving average price is $34.72 and its 200 day moving average price is $35.25.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share (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 business posted $0.61 EPS. As a group, analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial declared that its board has initiated a stock repurchase program on Tuesday, February 25th that authorizes the company to buyback $15.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.15 per share. The ex-dividend date was Monday, February 3rd. This represents a $0.60 annualized dividend and a dividend yield of 1.82%. South Plains Financial’s payout ratio is 20.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPFI. US Bancorp DE bought a new position in shares of South Plains Financial during the 3rd quarter worth about $36,000. FMR LLC increased its holdings in shares of South Plains Financial by 39.3% during the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock worth $47,000 after purchasing an additional 394 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of South Plains Financial during the 4th quarter worth about $101,000. BNP Paribas Financial Markets boosted its position in shares of South Plains Financial by 72.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after acquiring an additional 1,891 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of South Plains Financial by 20.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 54.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SPFI. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $45.00 target price (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Hovde Group lifted their price objective 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.

South Plains Financial Company Profile

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.