Creative Planning Buys New Shares in South Plains Financial, Inc. (NASDAQ:SPFI)

Creative Planning acquired a new stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 14,865 shares of the company's stock, valued at approximately $504,000. Creative Planning owned about 0.09% of South Plains Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in South Plains Financial in the 3rd quarter worth about $149,000. BNP Paribas Financial Markets grew its position in South Plains Financial by 45.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company's stock worth $484,000 after purchasing an additional 5,624 shares in the last quarter. Salzhauer Michael grew its position in South Plains Financial by 87.1% in the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company's stock worth $505,000 after purchasing an additional 8,708 shares in the last quarter. Prospector Partners LLC grew its position in South Plains Financial by 6.6% in the 2nd quarter. Prospector Partners LLC now owns 33,340 shares of the company's stock worth $900,000 after purchasing an additional 2,050 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in South Plains Financial by 8.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 63,462 shares of the company's stock worth $1,713,000 after purchasing an additional 4,787 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

South Plains Financial Stock Performance

Shares of SPFI stock traded up $5.45 during trading on Wednesday, reaching $39.91. 89,596 shares of the company's stock traded hands, compared to its average volume of 35,645. The company has a market capitalization of $654.01 million, a P/E ratio of 15.53 and a beta of 0.58. 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 firm's 50-day moving average is $33.78 and its 200 day moving average is $30.44. South Plains Financial, Inc. has a 1 year low of $24.05 and a 1 year high of $40.42.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The company 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 10.59%. During the same period in the prior year, the company posted $0.78 EPS. Equities research analysts expect that South Plains Financial, Inc. will post 2.62 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, October 28th will be paid a $0.15 dividend. The ex-dividend date is Monday, October 28th. This is a boost from South Plains Financial's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 1.50%. South Plains Financial's dividend payout ratio is currently 23.35%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the company an "overweight" rating in a research report on Tuesday, July 23rd. Hovde Group increased their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the company an "outperform" rating in a research report on Friday, October 25th.

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 50,000 shares of the firm's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the sale, the chief executive officer now owns 865,967 shares in the company, valued at approximately $29,009,894.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 25.39% of the company's stock.

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.