US Bancorp DE Buys New Position in South Plains Financial, Inc. (NASDAQ:SPFI)

US Bancorp DE bought a new position in South Plains Financial, Inc. (NASDAQ:SPFI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,059 shares of the company’s stock, valued at approximately $36,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in South Plains Financial during the 3rd quarter valued at about $149,000. BNP Paribas Financial Markets lifted its position in shares of South Plains Financial by 45.1% during the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock worth $484,000 after buying an additional 5,624 shares in the last quarter. Creative Planning purchased a new position in shares of South Plains Financial in the 3rd quarter worth approximately $504,000. Salzhauer Michael grew its holdings in shares of South Plains Financial by 87.1% in the second quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after acquiring an additional 8,708 shares in the last quarter. Finally, Prospector Partners LLC increased its position in shares of South Plains Financial by 6.6% during the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock valued at $900,000 after acquiring an additional 2,050 shares during the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

South Plains Financial Stock Performance

NASDAQ SPFI opened at $37.99 on Tuesday. South Plains Financial, Inc. has a 1 year low of $24.05 and a 1 year high of $40.90. The company’s 50 day simple moving average is $34.49 and its two-hundred day simple moving average is $31.11. 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 stock has a market capitalization of $622.66 million, a PE ratio of 14.78 and a beta of 0.58.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. The company had revenue of $72.28 million during the quarter, compared to the consensus estimate of $48.90 million. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same period in the previous year, the firm posted $0.78 EPS. Analysts predict that South Plains Financial, Inc. will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were paid a dividend of $0.15 per share. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Monday, October 28th. South Plains Financial’s dividend payout ratio (DPR) is 23.35%.

Analyst Ratings Changes

Several research firms recently weighed in on SPFI. Piper Sandler increased their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Hovde Group lifted their price target on South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, October 25th.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total value of $1,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 865,967 shares in the company, valued at approximately $29,009,894.50. This represents a 5.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.39% of the stock is owned by corporate insiders.

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.