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

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) saw strong trading volume on Friday . 30,748 shares traded hands during mid-day trading, a decline of 13% from the previous session's volume of 35,509 shares.The stock last traded at $33.88 and had previously closed at $33.67.

Analyst Ratings Changes

Several brokerages have issued reports on SPFI. 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 research report on Monday, January 27th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $45.00 price objective (down from $46.00) on shares of South Plains Financial in a report on Monday, January 27th.

South Plains Financial Price Performance

The stock has a market capitalization of $532.68 million, a P/E ratio of 11.13 and a beta of 0.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50-day moving average price of $34.83 and a 200 day moving average price of $35.30.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its earnings results 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 return on equity of 11.75% and a net margin of 17.20%. During the same period last year, the company earned $0.61 earnings per share. On average, analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current year.

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South Plains Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.85%. 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 announced that its board has authorized a stock repurchase program on Tuesday, February 25th that allows the company to repurchase $15.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Curtis C. Griffith sold 5,196 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $35.60, for a total transaction of $184,977.60. Following the transaction, the chief executive officer now directly owns 828,683 shares in the company, valued at $29,501,114.80. This trade represents a 0.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 42,061 shares of company stock valued at $1,493,613 over the last three months. Insiders own 25.39% of the company's stock.

Institutional Trading of South Plains Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE purchased a new position in shares of South Plains Financial in the third quarter worth $36,000. FMR LLC increased its position in shares of South Plains Financial by 39.3% in the third quarter. FMR LLC now owns 1,397 shares of the company's stock valued at $47,000 after acquiring an additional 394 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of South Plains Financial during the fourth quarter valued at about $101,000. BNP Paribas Financial Markets boosted its holdings in shares of South Plains Financial by 72.4% during the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company's stock worth $153,000 after purchasing an additional 1,891 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in shares of South Plains Financial by 20.9% in the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company's stock worth $157,000 after purchasing an additional 800 shares during 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.