South Plains Financial (NASDAQ:SPFI) to Repurchase $15.00 million in Outstanding Shares

South Plains Financial (NASDAQ:SPFI - Get Free Report) declared that its board has approved a stock buyback plan on Tuesday, February 25th, RTT News reports. The company plans to buyback $15.00 million in shares. This buyback authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $45.00 target price (down previously from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group lifted their price objective on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th.

South Plains Financial Price Performance

NASDAQ:SPFI traded up $0.61 during trading hours on Friday, reaching $35.24. 31,949 shares of the company were exchanged, compared to its average volume of 30,306. The stock's 50-day moving average is $35.07 and its 200-day moving average is $35.20. The firm has a market cap of $577.58 million, a PE ratio of 12.07 and a beta of 0.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a twelve month low of $24.05 and a twelve month high of $40.90.

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South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 17.20% and a return on equity of 11.75%. During the same quarter in the previous year, the company earned $0.61 earnings per share. On average, sell-side analysts anticipate that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.70%. South Plains Financial's dividend payout ratio is currently 20.55%.

Insider Buying and Selling

In other news, CEO Curtis C. Griffith sold 15,422 shares of South Plains Financial stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $35.69, for a total value of $550,411.18. Following the transaction, the chief executive officer now directly owns 854,818 shares of the company's stock, valued at $30,508,454.42. The trade was a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 42,061 shares of company stock worth $1,493,613 over the last 90 days. 25.39% of the stock is owned by insiders.

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.