Legacy Wealth Management LLC MS Buys New Holdings in South Plains Financial, Inc. $SPFI

Legacy Wealth Management LLC MS purchased a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 38,500 shares of the company’s stock, valued at approximately $1,659,000.

A number of other institutional investors have also recently bought and sold shares of the business. BNP Paribas Financial Markets raised its stake in South Plains Financial by 11.0% in the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock valued at $93,000 after buying an additional 258 shares during the period. Royal Bank of Canada lifted its position in shares of South Plains Financial by 71.2% in the first quarter. Royal Bank of Canada now owns 642 shares of the company’s stock valued at $27,000 after buying an additional 267 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock worth $234,000 after acquiring an additional 312 shares during the period. Empowered Funds LLC increased its holdings in shares of South Plains Financial by 0.4% during the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock worth $2,956,000 after acquiring an additional 398 shares during the last quarter. Finally, Mariner LLC increased its holdings in shares of South Plains Financial by 4.4% during the 3rd quarter. Mariner LLC now owns 10,337 shares of the company’s stock worth $400,000 after acquiring an additional 434 shares during the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

Analyst Ratings Changes

SPFI has been the subject of several research reports. Weiss Ratings raised South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 29th. Wall Street Zen upgraded shares of South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective on shares of South Plains Financial in a research report on Monday, July 20th. Finally, Benchmark restated a “buy” rating 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 given a Hold rating to the company’s stock. Based on data from MarketBeat, South Plains Financial currently has a consensus rating of “Moderate Buy” and an average price target of $49.60.

Insider Activity at South Plains Financial

In related news, Director James D. Stein sold 100,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the sale, the director owned 242,872 shares of the company’s stock, valued at $10,817,518.88. This represents a 29.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard D. Campbell sold 27,286 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total value of $1,231,690.04. Following the sale, the director directly owned 1,384,969 shares in the company, valued at $62,517,500.66. This represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 280,000 shares of company stock valued at $12,425,182. 24.29% of the stock is currently owned by corporate insiders.

South Plains Financial Price Performance

Shares of South Plains Financial stock opened at $44.65 on Friday. South Plains Financial, Inc. has a twelve month low of $35.34 and a twelve month high of $46.94. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. The company has a 50-day simple moving average of $42.86 and a two-hundred day simple moving average of $42.13. The stock has a market capitalization of $854.87 million, a price-to-earnings ratio of 12.17 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. The firm had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. Analysts forecast that South Plains Financial, Inc. will post 3.77 EPS for the current year.

South Plains Financial Increases Dividend

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

South Plains Financial 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.