South Plains Financial (NASDAQ:SPFI) to Repurchase $15.00 million in Stock

South Plains Financial (NASDAQ:SPFI) announced that its board has authorized a share buyback program on Tuesday, February 25th, RTT News reports. The company plans to repurchase $15.00 million in shares. This repurchase authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

South Plains Financial Trading Up 0.9 %

Shares of NASDAQ:SPFI opened at $34.21 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a 52-week low of $24.05 and a 52-week high of $40.90. The stock has a market cap of $560.70 million, a price-to-earnings ratio of 11.72 and a beta of 0.62. The business has a 50-day moving average price of $35.20 and a 200-day moving average price of $35.15.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted $0.61 earnings per share. Equities analysts predict that South Plains Financial will post 2.85 EPS for the current year.

South Plains Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were given a dividend of $0.15 per share. The ex-dividend date was Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.75%. South Plains Financial’s dividend payout ratio is presently 20.55%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPFI. Hovde Group boosted their price target on South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 target price (down from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th.

Insider Buying and Selling at South Plains Financial

In other news, CEO Curtis C. Griffith sold 5,196 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $35.60, for a total value of $184,977.60. Following the completion of the transaction, the chief executive officer now owns 828,683 shares of the company’s stock, valued at $29,501,114.80. The trade was a 0.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 42,061 shares of company stock valued at $1,493,613. 25.39% of the stock is owned by insiders.

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.