South Plains Financial (NASDAQ:SPFI) Hits New 12-Month High – What’s Next?

South Plains Financial, Inc. (NASDAQ:SPFI)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $35.61 and last traded at $34.94, with a volume of 1754 shares trading hands. The stock had previously closed at $35.21.

Analyst Ratings Changes

A number of brokerages have commented on SPFI. Hovde Group lifted their price objective on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler lifted their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd.

South Plains Financial Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $563.83 million, a PE ratio of 9.18 and a beta of 0.58. The stock’s 50-day moving average is $33.45 and its two-hundred day moving average is $29.75.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.75%. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, October 28th. South Plains Financial’s dividend payout ratio is presently 16.04%.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 9,591 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $30.10, for a total value of $288,689.10. Following the sale, the chief executive officer now owns 987,307 shares in the company, valued at $29,717,940.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Curtis C. Griffith sold 9,591 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $30.10, for a total transaction of $288,689.10. Following the transaction, the chief executive officer now directly owns 987,307 shares of the company’s stock, valued at approximately $29,717,940.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Noe G. Valles purchased 50,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the acquisition, the director now directly owns 336,437 shares of the company’s stock, valued at $10,093,110. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.39% of the stock is owned by corporate insiders.

Institutional Trading of South Plains Financial

Several institutional investors and hedge funds have recently made changes to their positions in SPFI. Acadian Asset Management LLC increased its position in South Plains Financial by 3.8% during the 1st quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock valued at $5,595,000 after purchasing an additional 7,562 shares during the period. American Century Companies Inc. boosted its stake in shares of South Plains Financial by 14.9% during the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock valued at $4,725,000 after purchasing an additional 22,695 shares in the last quarter. Vanguard Group Inc. increased its holdings in South Plains Financial by 2.3% during the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock valued at $14,497,000 after buying an additional 12,196 shares during the period. Dimensional Fund Advisors LP raised its stake in South Plains Financial by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock worth $9,837,000 after buying an additional 30,665 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in South Plains Financial by 45.1% during the first quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock worth $484,000 after buying an additional 5,624 shares during the period. 54.95% of the stock is currently owned by institutional investors.

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.