Charles Schwab Investment Management Inc. Lowers Position in South Plains Financial, Inc. (NASDAQ:SPFI)

Charles Schwab Investment Management Inc. decreased its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,349 shares of the company’s stock after selling 946 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.20% of South Plains Financial worth $1,131,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Creative Planning purchased a new stake in shares of South Plains Financial during the 3rd quarter valued at $504,000. American Century Companies Inc. lifted its stake in South Plains Financial by 14.9% during the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock worth $4,725,000 after purchasing an additional 22,695 shares during the last quarter. US Bancorp DE purchased a new position in shares of South Plains Financial in the 3rd quarter worth about $36,000. Dimensional Fund Advisors LP increased its position in shares of South Plains Financial by 9.2% during 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 last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of South Plains Financial by 14.3% during the 2nd quarter. Acadian Asset Management LLC now owns 239,078 shares of the company’s stock valued at $6,451,000 after buying an additional 29,933 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors.

South Plains Financial Stock Performance

NASDAQ:SPFI opened at $38.26 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. South Plains Financial, Inc. has a fifty-two week low of $24.05 and a fifty-two week high of $40.90. The firm has a market cap of $627.08 million, a PE ratio of 14.89 and a beta of 0.60. The business has a 50 day moving average price of $36.96 and a 200-day moving average price of $32.90.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results 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 business had revenue of $72.28 million for the quarter, compared to analyst estimates 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 quarter last year, the firm earned $0.78 EPS. Equities research analysts predict that South Plains Financial, Inc. will post 2.62 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Monday, October 28th were given a dividend of $0.15 per share. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date was Monday, October 28th. This represents a $0.60 dividend on an annualized basis and a yield of 1.57%. South Plains Financial’s dividend payout ratio is presently 23.35%.

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 865,967 shares of the company’s stock, valued at approximately $29,009,894.50. This trade represents a 5.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 25.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group lifted their price target on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th.

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.