South Plains Financial, Inc. (NASDAQ:SPFI) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its position in South Plains Financial, Inc. (NASDAQ:SPFI) by 37.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,141 shares of the company’s stock after selling 9,792 shares during the quarter. Teacher Retirement System of Texas owned about 0.10% of South Plains Financial worth $561,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of South Plains Financial by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock valued at $1,193,000 after purchasing an additional 991 shares during the last quarter. Truist Financial Corp acquired a new position in South Plains Financial in the fourth quarter valued at about $205,000. Rhumbline Advisers boosted its stake in South Plains Financial by 8.6% during the fourth quarter. Rhumbline Advisers now owns 19,036 shares of the company’s stock worth $661,000 after buying an additional 1,512 shares during the period. Exchange Traded Concepts LLC purchased a new position in South Plains Financial during the fourth quarter worth about $282,000. Finally, SG Americas Securities LLC increased its position in shares of South Plains Financial by 26.8% during the fourth quarter. SG Americas Securities LLC now owns 5,556 shares of the company’s stock valued at $193,000 after acquiring an additional 1,175 shares during the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at South Plains Financial

In related news, CEO Curtis C. Griffith sold 15,422 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $35.69, for a total value of $550,411.18. Following the sale, the chief executive officer now owns 854,818 shares of the company’s stock, valued at $30,508,454.42. This trade represents a 1.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Noe G. Valles purchased 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $33.00 per share, with a total value of $3,300,000.00. Following the purchase, the director now directly owns 486,437 shares of the company’s stock, valued at $16,052,421. The trade was a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 42,061 shares of company stock worth $1,493,613. Company insiders own 25.39% of the company’s stock.

South Plains Financial Stock Down 2.2 %

Shares of NASDAQ:SPFI opened at $33.08 on Monday. The firm has a market capitalization of $545.36 million, a PE ratio of 11.33 and a beta of 0.60. South Plains Financial, Inc. has a 1 year low of $24.05 and a 1 year high of $40.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The firm’s 50-day moving average is $34.59 and its two-hundred day moving average is $35.23.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Friday, January 24th. The company reported $0.96 earnings per share 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 quarter in the prior year, the company posted $0.61 EPS. Analysts predict that South Plains Financial, Inc. will post 2.85 EPS for the current year.

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

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Monday, February 3rd. South Plains Financial’s payout ratio is currently 20.55%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SPFI. Hovde Group increased their price objective on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report 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.

South Plains Financial Company 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.