Geode Capital Management LLC Grows Stock Position in South Plains Financial, Inc. (NASDAQ:SPFI)

Geode Capital Management LLC lifted its stake in South Plains Financial, Inc. (NASDAQ:SPFI) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 272,574 shares of the company’s stock after buying an additional 6,292 shares during the quarter. Geode Capital Management LLC owned approximately 1.66% of South Plains Financial worth $9,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. US Bancorp DE acquired a new position in South Plains Financial in the third quarter valued at approximately $36,000. FMR LLC increased its holdings in shares of South Plains Financial by 39.3% during the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after purchasing an additional 394 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of South Plains Financial in the 3rd quarter valued at $149,000. BNP Paribas Financial Markets boosted its holdings in South Plains Financial by 72.4% during the third 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 in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in South Plains Financial by 20.9% during the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after buying an additional 800 shares during the period. 54.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Hovde Group upped 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 report on Friday, October 25th.

Insider Buying and Selling

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

South Plains Financial Stock Down 0.3 %

Shares of SPFI opened at $34.75 on Thursday. The firm has a market cap of $569.55 million, a P/E 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. The stock’s 50 day moving average is $37.21 and its two-hundred day 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.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The firm had revenue of $72.28 million for 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 quarter last year, the company earned $0.78 EPS. Analysts predict that South Plains Financial, Inc. will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

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

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.