Franklin Resources Inc. Acquires New Position in South Plains Financial, Inc. (NASDAQ:SPFI)

Franklin Resources Inc. bought a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,535 shares of the company’s stock, valued at approximately $223,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. US Bancorp DE bought a new position in shares of South Plains Financial in the 3rd quarter worth $36,000. FMR LLC lifted its stake in South Plains Financial by 39.3% in the third quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after buying an additional 394 shares during the period. SG Americas Securities LLC bought a new position in South Plains Financial during the third quarter worth about $149,000. BNP Paribas Financial Markets grew its position in shares of South Plains Financial by 72.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock worth $153,000 after buying an additional 1,891 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in shares of South Plains Financial by 20.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after acquiring an additional 800 shares during the last quarter. Institutional investors own 54.95% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group lifted their price objective 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.

South Plains Financial Stock Performance

Shares of South Plains Financial stock opened at $34.75 on Thursday. The stock’s fifty day simple moving average is $37.21 and its 200 day simple moving average is $33.56. 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 market capitalization of $569.55 million, a PE ratio of 13.52 and a beta of 0.60. South Plains Financial, Inc. has a 12 month low of $24.05 and a 12 month high of $40.90.

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

South Plains Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio is 23.35%.

Insider Activity

In related news, CEO Curtis C. Griffith sold 50,000 shares of the business’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 sale, the chief executive officer now directly owns 865,967 shares of the company’s stock, valued at approximately $29,009,894.50. The trade was a 5.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 25.39% 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.