South Plains Financial (NASDAQ:SPFI) Sees Unusually-High Trading Volume - Here's Why

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 61,024 shares traded hands during trading, an increase of 58% from the previous session's volume of 38,556 shares.The stock last traded at $32.30 and had previously closed at $30.73.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $45.00 price objective (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th. Hovde Group raised their price objective on shares of South Plains Financial from $46.00 to $47.00 and gave the company an "outperform" rating in a research report on Monday, January 27th.

South Plains Financial Stock Performance

The firm has a market cap of $522.80 million, a P/E ratio of 11.03 and a beta of 0.46. 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 firm has a fifty day moving average of $33.19 and a 200-day moving average of $35.02.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings results on Friday, January 24th. The company reported $0.96 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 business posted $0.61 earnings per share. Research analysts predict 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 will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.86%. South Plains Financial's dividend payout ratio (DPR) is presently 20.55%.

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

Insider Transactions at South Plains Financial

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its position in South Plains Financial by 39.3% in the 3rd quarter. FMR LLC now owns 1,397 shares of the company's stock valued at $47,000 after acquiring an additional 394 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of South Plains Financial in the fourth quarter valued at about $101,000. Public Employees Retirement System of Ohio boosted its position in shares of South Plains Financial by 20.9% during the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company's stock worth $157,000 after buying an additional 800 shares during the period. GAMMA Investing LLC raised its position in South Plains Financial by 8,686.1% in the 1st quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after buying an additional 6,254 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in South Plains Financial by 26.8% in the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock valued at $193,000 after acquiring an additional 1,175 shares in the last quarter. Institutional investors own 54.95% of the company's stock.

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.