South Plains Financial (NASDAQ:SPFI) Shares Down 8.8% – Here’s Why

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

Analysts Set New Price Targets

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

South Plains Financial Trading Down 1.6 %

The stock has a market cap of $548.57 million, a PE ratio of 12.65 and a beta of 0.58. The company has a 50 day moving average of $33.50 and a two-hundred day moving average of $29.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.91 and a current ratio of 0.92.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be given a dividend of $0.15 per share. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, October 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.79%. South Plains Financial’s dividend payout ratio (DPR) is 20.82%.

Insider Buying and Selling

In other news, CEO Curtis C. Griffith sold 9,591 shares of South Plains Financial stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $30.10, for a total value of $288,689.10. Following the sale, the chief executive officer now owns 987,307 shares in the company, valued at $29,717,940.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other South Plains Financial news, CEO Curtis C. Griffith sold 9,591 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $30.10, for a total transaction of $288,689.10. Following the completion of the transaction, the chief executive officer now owns 987,307 shares of the company’s stock, valued at $29,717,940.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Noe G. Valles purchased 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, the director now directly owns 336,437 shares of the company’s stock, valued at $10,093,110. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in South Plains Financial during the third quarter worth approximately $149,000. BNP Paribas Financial Markets raised its holdings in shares of South Plains Financial by 45.1% during the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock worth $484,000 after acquiring an additional 5,624 shares during the period. Creative Planning acquired a new position in shares of South Plains Financial during the 3rd quarter valued at about $504,000. Salzhauer Michael grew its holdings in shares of South Plains Financial by 87.1% in the second quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after purchasing an additional 8,708 shares during the period. Finally, Prospector Partners LLC increased its position in South Plains Financial by 6.6% during the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock worth $900,000 after purchasing an additional 2,050 shares during the last quarter. 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.