South Plains Financial, Inc. (NASDAQ:SPFI) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas lessened its position in shares of South Plains Financial, Inc. (NASDAQ:SPFI - Free Report) by 37.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,141 shares of the company's stock after selling 9,792 shares during the quarter. Teacher Retirement System of Texas owned about 0.10% of South Plains Financial worth $561,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in South Plains Financial by 200.1% in the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company's stock valued at $5,962,000 after purchasing an additional 117,207 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of South Plains Financial during the 3rd quarter worth about $2,882,000. Jacobs Levy Equity Management Inc. raised its holdings in South Plains Financial by 77.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company's stock valued at $1,617,000 after buying an additional 20,756 shares during the period. State Street Corp raised its holdings in South Plains Financial by 4.7% in the 3rd quarter. State Street Corp now owns 274,701 shares of the company's stock valued at $9,318,000 after buying an additional 12,271 shares during the period. Finally, Barclays PLC lifted its position in South Plains Financial by 29.6% in the third quarter. Barclays PLC now owns 53,367 shares of the company's stock valued at $1,810,000 after buying an additional 12,200 shares during the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.

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South Plains Financial Trading Down 4.9 %

South Plains Financial stock traded down $1.63 during midday trading on Thursday, reaching $31.45. 82,745 shares of the stock traded hands, compared to its average volume of 37,914. The firm has a market cap of $518.48 million, a PE ratio of 10.77 and a beta of 0.60. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a 50-day simple moving average of $34.41 and a two-hundred day simple moving average of $35.20. South Plains Financial, Inc. has a 12-month low of $24.05 and a 12-month high of $40.91.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The company reported $0.96 EPS for the quarter, beating 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 period last year, the business earned $0.61 earnings per share. Research analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial's dividend payout ratio is currently 20.55%.

South Plains Financial declared that its Board of Directors has approved a share repurchase program on Tuesday, February 25th that permits the company to buyback $15.00 million in shares. This buyback authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

SPFI has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $45.00 price target (down from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Hovde Group lifted their target price on shares of South Plains Financial from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, January 27th.

Insider Activity at South Plains Financial

In other news, CEO Curtis C. Griffith sold 15,422 shares of South Plains Financial stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $35.69, for a total value of $550,411.18. Following the completion of the transaction, the chief executive officer now owns 854,818 shares in the company, valued at approximately $30,508,454.42. This trade represents a 1.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Noe G. Valles bought 100,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the completion of the purchase, the director now directly owns 486,437 shares of the company's stock, valued at approximately $16,052,421. This trade represents a 25.88 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 42,061 shares of company stock worth $1,493,613. Company insiders own 25.39% of the company's stock.

South Plains Financial 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.