South Plains Financial, Inc. (NASDAQ:SPFI) Shares Purchased by State Street Corp

State Street Corp boosted its stake in South Plains Financial, Inc. (NASDAQ:SPFI) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 274,701 shares of the company’s stock after buying an additional 12,271 shares during the period. State Street Corp owned approximately 1.68% of South Plains Financial worth $9,318,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SPFI. FMR LLC lifted its stake in 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 acquiring an additional 394 shares in the last quarter. US Bancorp DE purchased a new stake in South Plains Financial during the third quarter worth about $36,000. Rosenthal Henry Capital Advisors Inc. lifted its position in shares of South Plains Financial by 2.1% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 84,450 shares of the company’s stock worth $2,865,000 after purchasing an additional 1,750 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of South Plains Financial by 72.4% in the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after purchasing an additional 1,891 shares during the period. Finally, Prospector Partners LLC grew its holdings in shares of South Plains Financial by 6.6% in the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock valued at $900,000 after purchasing an additional 2,050 shares in the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Stock Performance

Shares of SPFI opened at $36.01 on Friday. South Plains Financial, Inc. has a 12-month low of $24.05 and a 12-month high of $40.90. The stock has a market cap of $590.20 million, a P/E ratio of 14.01 and a beta of 0.60. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $37.17 and a two-hundred day moving average of $33.26.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Wednesday, October 23rd. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.65 by $0.01. The firm had revenue of $72.28 million during the quarter, compared to analysts’ expectations 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 company earned $0.78 EPS. As a group, research analysts predict that South Plains Financial, Inc. will post 2.62 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.67%. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date was Monday, October 28th. South Plains Financial’s payout ratio is presently 23.35%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, CEO Curtis C. Griffith sold 50,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, November 5th. The stock was 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 owns 865,967 shares in the company, valued at approximately $29,009,894.50. This trade represents a 5.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 25.39% of the company’s stock.

South Plains Financial 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.