South Plains Financial (NASDAQ:SPFI) Sees Unusually-High Trading Volume

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) saw unusually-high trading volume on Friday . Approximately 75,352 shares changed hands during trading, an increase of 116% from the previous session's volume of 34,952 shares.The stock last traded at $34.50 and had previously closed at $34.49.

Analyst Ratings Changes

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

South Plains Financial Price Performance

The stock has a fifty day moving average of $30.68 and a 200 day moving average of $27.77. The stock has a market cap of $573.19 million, a price-to-earnings ratio of 9.33 and a beta of 0.59. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings data on Thursday, July 18th. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.56 by $0.10. The business had revenue of $71.92 million during the quarter, compared to analysts' expectations of $46.50 million. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. During the same period in the previous year, the business posted $0.55 EPS. On average, analysts expect that South Plains Financial, Inc. will post 2.52 EPS for the current fiscal year.

South Plains Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 12th. Shareholders of record on Monday, July 29th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.60%. The ex-dividend date was Monday, July 29th. South Plains Financial's dividend payout ratio is currently 14.97%.

Insider Buying and Selling at South Plains Financial

In related news, Director Noe G. Valles purchased 50,000 shares of the firm's stock in a transaction on Thursday, August 15th. The stock was 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 approximately $10,093,110. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Noe G. Valles purchased 50,000 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the director now owns 336,437 shares in the company, valued at $10,093,110. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Curtis C. Griffith sold 9,591 shares of South Plains Financial stock in a transaction 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 19,020 shares of company stock worth $542,778. Insiders own 25.39% of the company's stock.

Hedge Funds Weigh In On South Plains Financial

A number of large investors have recently bought and sold shares of SPFI. Salzhauer Michael purchased a new stake in shares of South Plains Financial in the first quarter valued at approximately $268,000. BNP Paribas Financial Markets increased its holdings in South Plains Financial by 35.1% in the 4th quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company's stock worth $361,000 after acquiring an additional 3,236 shares in the last quarter. Prospector Partners LLC raised its position in South Plains Financial by 6.6% during the second quarter. Prospector Partners LLC now owns 33,340 shares of the company's stock worth $900,000 after acquiring an additional 2,050 shares during the period. Bank of New York Mellon Corp lifted its holdings in South Plains Financial by 8.2% during the second quarter. Bank of New York Mellon Corp now owns 63,462 shares of the company's stock valued at $1,713,000 after purchasing an additional 4,787 shares in the last quarter. Finally, Empowered Funds LLC grew its position in shares of South Plains Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 95,172 shares of the company's stock valued at $2,547,000 after purchasing an additional 7,175 shares during the period. 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.