Bank of New York Mellon Corp Sells 1,530 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Bank of New York Mellon Corp cut its holdings in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,561 shares of the company’s stock after selling 1,530 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of South Plains Financial worth $1,826,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPFI. JPMorgan Chase & Co. grew its position in South Plains Financial by 200.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock worth $5,962,000 after purchasing an additional 117,207 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of South Plains Financial during the 3rd quarter valued at approximately $223,000. 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 valued at $153,000 after acquiring an additional 1,891 shares during the period. State Street Corp grew its position in shares of South Plains Financial by 4.7% during the 3rd quarter. State Street Corp now owns 274,701 shares of the company’s stock valued at $9,318,000 after acquiring an additional 12,271 shares during the period. Finally, Barclays PLC grew its position in shares of South Plains Financial by 29.6% during the 3rd quarter. Barclays PLC now owns 53,367 shares of the company’s stock valued at $1,810,000 after acquiring an additional 12,200 shares during the period. 54.95% of the stock is owned by institutional investors.

Insider Activity

In other South Plains Financial news, CEO Curtis C. Griffith sold 5,196 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $35.60, for a total value of $184,977.60. Following the sale, the chief executive officer now owns 828,683 shares of the company’s stock, valued at $29,501,114.80. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Noe G. Valles bought 100,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $33.00 per share, with a total value of $3,300,000.00. Following the completion of the transaction, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. This trade represents a 25.88 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 42,061 shares of company stock worth $1,493,613. 25.39% of the stock is currently owned by corporate insiders.

South Plains Financial Stock Performance

Shares of SPFI stock opened at $32.58 on Friday. The stock has a market capitalization of $537.11 million, a P/E ratio of 11.16 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 firm’s 50 day moving average is $34.68 and its 200 day moving average is $35.20. South Plains Financial, Inc. has a 12 month low of $24.05 and a 12 month high of $40.91.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. During the same period in the previous year, the firm posted $0.61 EPS. On average, sell-side analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial announced that its board has approved a stock repurchase program on Tuesday, February 25th that allows the company to buyback $15.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

South Plains Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s dividend payout ratio (DPR) is currently 20.55%.

Analysts Set New Price Targets

SPFI has been the topic of a number of recent research reports. Hovde Group upped their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $45.00 price target (down from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th.

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.