Summit Global Investments Invests $249,000 in South Plains Financial, Inc. (NASDAQ:SPFI)

Summit Global Investments acquired a new position in South Plains Financial, Inc. (NASDAQ:SPFI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,170 shares of the company’s stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC boosted its stake in 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 in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of South Plains Financial by 20.9% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. grew its stake in South Plains Financial by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock worth $1,193,000 after buying an additional 991 shares during the last quarter. SG Americas Securities LLC grew its stake in South Plains Financial by 26.8% during the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company’s stock worth $193,000 after buying an additional 1,175 shares during the last quarter. Finally, Rhumbline Advisers increased its position in South Plains Financial by 8.6% during the 4th quarter. Rhumbline Advisers now owns 19,036 shares of the company’s stock valued at $661,000 after buying an additional 1,512 shares in the last quarter. Institutional investors own 54.95% of the company’s stock.

South Plains Financial Trading Up 0.1 %

Shares of NASDAQ:SPFI opened at $33.56 on Wednesday. South Plains Financial, Inc. has a 52-week low of $24.05 and a 52-week high of $40.91. 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 stock has a market cap of $553.27 million, a price-to-earnings ratio of 11.49 and a beta of 0.60. The business has a 50-day moving average price of $34.67 and a 200-day moving average price of $35.22.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, beating 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 in the previous year, the firm posted $0.61 earnings per share. Equities analysts predict that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders 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 1.79%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s dividend payout ratio (DPR) is 20.55%.

South Plains Financial announced that its board has approved a share buyback plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Hovde Group boosted their price target on South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th.

Insider Activity at South Plains Financial

In other South Plains Financial news, Director Noe G. Valles bought 100,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the transaction, the director now directly owns 486,437 shares of the company’s stock, valued at approximately $16,052,421. The trade was a 25.88 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Curtis C. Griffith sold 15,422 shares of South Plains Financial stock in a transaction dated 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 approximately $30,508,454.42. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,061 shares of company stock worth $1,493,613 in the last three months. Company insiders own 25.39% 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.