Acadian Asset Management LLC Grows Holdings in South Plains Financial, Inc. (NASDAQ:SPFI)

Acadian Asset Management LLC boosted its position in South Plains Financial, Inc. (NASDAQ:SPFI) by 14.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,078 shares of the company’s stock after buying an additional 29,933 shares during the quarter. Acadian Asset Management LLC’s holdings in South Plains Financial were worth $6,451,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPFI. BNP Paribas Financial Markets lifted its stake in shares of South Plains Financial by 35.1% in the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock worth $361,000 after acquiring an additional 3,236 shares in the last quarter. Vanguard Group Inc. increased its holdings in South Plains Financial by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after purchasing an additional 12,196 shares during the last quarter. Empowered Funds LLC increased its holdings in South Plains Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock worth $2,547,000 after purchasing an additional 7,175 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of South Plains Financial by 8.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 63,462 shares of the company’s stock valued at $1,713,000 after purchasing an additional 4,787 shares in the last quarter. Finally, Salzhauer Michael purchased a new position in shares of South Plains Financial during the 1st quarter valued at approximately $268,000. 54.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on SPFI shares. Hovde Group lifted their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler boosted their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd.

Insider Activity

In other South Plains Financial news, Director Noe G. Valles acquired 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the director now directly owns 336,437 shares in the company, valued at $10,093,110. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total value of $49,569.00. Following the sale, the chief executive officer now directly owns 996,898 shares in the company, valued at $30,903,838. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noe G. Valles purchased 50,000 shares of South Plains Financial stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the acquisition, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The disclosure for this purchase can be found here. Company insiders own 25.39% of the company’s stock.

South Plains Financial Trading Down 1.8 %

NASDAQ:SPFI opened at $32.41 on Thursday. The company has a market cap of $531.20 million, a PE ratio of 8.67 and a beta of 0.58. The business’s 50 day moving average is $31.75 and its two-hundred day moving average is $28.19. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.26. South Plains Financial, Inc. has a 52 week low of $24.05 and a 52 week high of $34.93.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.10. The business had revenue of $71.92 million for the quarter, compared to analyst estimates of $46.50 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same period in the prior year, the company posted $0.55 EPS. On average, analysts predict that South Plains Financial, Inc. will post 2.52 EPS for the current year.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Monday, July 29th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Monday, July 29th. South Plains Financial’s dividend payout ratio (DPR) is presently 14.97%.

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.