Gabelli Funds LLC Reduces Holdings in South Plains Financial, Inc. $SPFI

Gabelli Funds LLC lowered its position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 11.4% during the first quarter, Holdings Channel reports. The firm owned 115,765 shares of the company’s stock after selling 14,877 shares during the quarter. Gabelli Funds LLC’s holdings in South Plains Financial were worth $4,851,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SPFI. Raymond James Financial Inc. acquired a new stake in shares of South Plains Financial in the 2nd quarter valued at about $32,000. State of Alaska Department of Revenue grew its stake in South Plains Financial by 138.8% during the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock worth $60,000 after buying an additional 913 shares during the last quarter. Quarry LP acquired a new position in South Plains Financial during the third quarter worth approximately $60,000. BNP Paribas Financial Markets increased its position in South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after buying an additional 258 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in South Plains Financial in the second quarter valued at approximately $106,000. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Price Performance

South Plains Financial stock opened at $45.37 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50 day simple moving average of $42.14 and a 200-day simple moving average of $41.87. South Plains Financial, Inc. has a 12 month low of $35.34 and a 12 month high of $46.94. The stock has a market capitalization of $868.84 million, a PE ratio of 12.36 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The firm had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. Equities analysts predict that South Plains Financial, Inc. will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, July 27th will be paid a $0.18 dividend. This is a boost from South Plains Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, July 27th. This represents a $0.72 annualized dividend and a dividend yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is 19.62%.

Analyst Ratings Changes

SPFI has been the subject of several research analyst reports. Wall Street Zen raised South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $50.00 target price (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Benchmark reiterated a “buy” rating on shares of South Plains Financial in a research report on Monday, July 20th. Weiss Ratings upgraded shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, South Plains Financial currently has an average rating of “Moderate Buy” and a consensus target price of $49.60.

Insider Activity at South Plains Financial

In other news, Director James D. Stein sold 1,560 shares of South Plains Financial stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $40.07, for a total value of $62,509.20. Following the sale, the director owned 342,872 shares of the company’s stock, valued at $13,738,881.04. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 30,000 shares of company stock valued at $1,204,340. 24.29% of the stock is currently owned by company insiders.

South Plains Financial Company Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.