South Plains Financial (NASDAQ:SPFI) Shares Down 8.8% – What’s Next?

South Plains Financial, Inc. (NASDAQ:SPFI) shares traded down 8.8% during mid-day trading on Thursday . The company traded as low as $31.01 and last traded at $31.01. 1,250 shares changed hands during trading, a decline of 96% from the average session volume of 35,529 shares. The stock had previously closed at $34.02.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SPFI shares. Hovde Group raised their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler raised 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 report on Tuesday, July 23rd.

South Plains Financial Stock Down 1.6 %

The firm has a market cap of $548.57 million, a P/E ratio of 12.65 and a beta of 0.58. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average price of $33.50 and a 200-day moving average price of $29.78.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.79%. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, October 28th. South Plains Financial’s dividend payout ratio is presently 20.82%.

Insider Activity

In other South Plains Financial news, Director Noe G. Valles acquired 50,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the director now owns 336,437 shares in the company, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Curtis C. Griffith sold 1,599 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total value of $49,569.00. Following the completion of the transaction, the chief executive officer now directly owns 996,898 shares of the company’s stock, valued at approximately $30,903,838. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Noe G. Valles acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the purchase, the director now directly owns 336,437 shares in the company, valued at $10,093,110. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC increased its holdings in shares of South Plains Financial by 3.8% during the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock valued at $5,595,000 after acquiring an additional 7,562 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of South Plains Financial by 14.9% in the second quarter. American Century Companies Inc. now owns 175,013 shares of the company’s stock worth $4,725,000 after buying an additional 22,695 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of South Plains Financial by 2.3% during the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after buying an additional 12,196 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of South Plains Financial by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after buying an additional 30,665 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of South Plains Financial by 45.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock valued at $484,000 after acquiring an additional 5,624 shares during the period. 54.95% of the stock is owned by hedge funds and other institutional investors.

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.