South Plains Financial (NASDAQ:SPFI) Sees Strong Trading Volume

South Plains Financial, Inc. (NASDAQ:SPFI) shares saw strong trading volume on Friday . 23,698 shares changed hands during mid-day trading, a decline of 34% from the previous session’s volume of 35,684 shares.The stock last traded at $34.14 and had previously closed at $34.79.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Hovde Group raised their price target on 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 lifted their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd.

South Plains Financial Trading Down 2.6 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $555.46 million, a price-to-earnings ratio of 9.06 and a beta of 0.59. The business has a fifty day moving average price of $32.58 and a 200 day moving average price of $28.55.

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

South Plains Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Monday, July 29th were given a $0.14 dividend. The ex-dividend date was Monday, July 29th. This represents a $0.56 annualized dividend and a dividend yield of 1.65%. South Plains Financial’s payout ratio is 14.97%.

Insider Activity

In related news, CEO Curtis C. Griffith sold 1,599 shares of the firm’s stock in a transaction that occurred 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 approximately $30,903,838. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 9,591 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $30.10, for a total transaction of $288,689.10. Following the sale, the chief executive officer now directly owns 987,307 shares of the company’s stock, valued at approximately $29,717,940.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Curtis C. Griffith sold 1,599 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $31.00, for a total transaction of $49,569.00. Following the transaction, the chief executive officer now directly owns 996,898 shares in the company, valued at $30,903,838. The disclosure for this sale can be found here. Corporate insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds have recently added to or reduced their stakes in SPFI. Vanguard Group Inc. boosted its stake in shares of 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 acquiring an additional 12,196 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in South Plains Financial by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after purchasing an additional 30,665 shares during the period. Acadian Asset Management LLC grew its position in South Plains Financial by 14.3% during the second quarter. Acadian Asset Management LLC now owns 239,078 shares of the company’s stock worth $6,451,000 after buying an additional 29,933 shares in the last quarter. American Century Companies Inc. increased its position in shares of South Plains Financial by 14.9% during the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock valued at $4,725,000 after purchasing an additional 22,695 shares during the period. Finally, Empowered Funds LLC increased its holdings in South Plains Financial by 8.2% in the 1st quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock valued at $2,547,000 after buying an additional 7,175 shares during the period. Institutional investors and hedge funds 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.