Jacobs Levy Equity Management Inc. grew its stake in South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 77.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 47,659 shares of the company's stock after buying an additional 20,756 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.29% of South Plains Financial worth $1,617,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of South Plains Financial by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 541,732 shares of the company's stock valued at $14,497,000 after acquiring an additional 12,196 shares during the period. Dimensional Fund Advisors LP raised its stake in South Plains Financial by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company's stock worth $9,837,000 after purchasing an additional 30,665 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of South Plains Financial by 14.3% in the 2nd quarter. Acadian Asset Management LLC now owns 239,078 shares of the company's stock valued at $6,451,000 after purchasing an additional 29,933 shares during the last quarter. American Century Companies Inc. grew its stake in shares of South Plains Financial by 14.9% during the 2nd quarter. American Century Companies Inc. now owns 175,013 shares of the company's stock valued at $4,725,000 after buying an additional 22,695 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of South Plains Financial during the 3rd quarter worth $2,882,000. 54.95% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at South Plains Financial
In related news, CEO Curtis C. Griffith sold 50,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total value of $1,675,000.00. Following the completion of 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 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.39% of the company's stock.
South Plains Financial Stock Performance
NASDAQ:SPFI traded down $0.05 during trading hours on Monday, reaching $38.25. 8,804 shares of the stock were exchanged, compared to its average volume of 35,500. South Plains Financial, Inc. has a 52 week low of $24.05 and a 52 week high of $40.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $626.92 million, a P/E ratio of 14.90 and a beta of 0.60. The firm has a 50 day simple moving average of $36.10 and a 200-day simple moving average of $32.31.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. The firm had revenue of $72.28 million during the quarter, compared to analyst estimates of $48.90 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, sell-side analysts forecast that South Plains Financial, Inc. will post 2.62 earnings per share for the current fiscal year.
South Plains Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from South Plains Financial's previous quarterly dividend of $0.14. The ex-dividend date was Monday, October 28th. South Plains Financial's dividend payout ratio is 23.35%.
Analyst Ratings Changes
Separately, Hovde Group increased their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th.
Get Our Latest Analysis on South Plains Financial
South Plains Financial Profile
(
Free Report)
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.
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