22,630 Shares in South Plains Financial, Inc. $SPFI Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC acquired a new stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 22,630 shares of the company’s stock, valued at approximately $875,000. SummerHaven Investment Management LLC owned approximately 0.14% of South Plains Financial at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in shares of South Plains Financial during the third quarter valued at approximately $25,000. Raymond James Financial Inc. purchased a new position in South Plains Financial during the 2nd quarter worth $32,000. CWM LLC raised its position in South Plains Financial by 44.8% during the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock valued at $60,000 after purchasing an additional 519 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of South Plains Financial by 11.0% in the 2nd 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. bought a new position in shares of South Plains Financial during the 2nd quarter worth $106,000. 54.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on SPFI shares. Hovde Group lifted their price objective on South Plains Financial from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Tuesday. Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 price target on shares of South Plains Financial in a research report on Tuesday. Weiss Ratings reissued a “buy (b)” rating on shares of South Plains Financial in a report on Monday, December 22nd. Keefe, Bruyette & Woods upped their target price on South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Raymond James Financial increased their price target on shares of South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.00.

South Plains Financial Trading Down 2.2%

South Plains Financial stock opened at $40.41 on Wednesday. The firm has a market cap of $656.58 million, a PE ratio of 11.75 and a beta of 0.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $39.55 and its two-hundred day simple moving average is $38.96. South Plains Financial, Inc. has a 12 month low of $30.01 and a 12 month high of $43.90.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings data on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. South Plains Financial had a net margin of 19.69% and a return on equity of 12.75%. The company had revenue of $53.88 million during the quarter, compared to analysts’ expectations of $54.11 million. Analysts anticipate that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, February 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, February 2nd. This is an increase from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.7%. South Plains Financial’s dividend payout ratio is 19.77%.

About South Plains Financial

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.