South Plains Financial (NASDAQ:SPFI) Trading Down 8.8% - Time to Sell?

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) was down 8.8% on Thursday . The stock traded as low as $31.01 and last traded at $31.01. Approximately 1,250 shares were traded during trading, a decline of 96% from the average daily volume of 35,529 shares. The stock had previously closed at $34.02.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler raised their target price on South Plains Financial from $32.00 to $36.00 and gave the company an "overweight" rating in a report on Tuesday, July 23rd. Hovde Group raised 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.

South Plains Financial Trading Down 0.6 %

The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $553.98 million, a price-to-earnings ratio of 12.57 and a beta of 0.58. The business has a 50-day moving average of $33.54 and a two-hundred day moving average of $29.81.

South Plains Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Monday, October 28th. This is a positive change from South Plains Financial's previous quarterly dividend of $0.14. South Plains Financial's dividend payout ratio (DPR) is presently 20.82%.

Insider Activity at South Plains Financial

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

Institutional Investors Weigh In On South Plains Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of South Plains Financial during the 3rd quarter worth about $149,000. BNP Paribas Financial Markets raised 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 during the last quarter. Creative Planning acquired a new position in South Plains Financial during the 3rd quarter worth $504,000. Salzhauer Michael lifted its holdings in South Plains Financial by 87.1% during the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company's stock worth $505,000 after buying an additional 8,708 shares in the last quarter. Finally, Prospector Partners LLC boosted 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 valued at $900,000 after buying an additional 2,050 shares during the last quarter. Institutional investors and hedge funds own 54.95% of the company's stock.

About South Plains Financial

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.