SummerHaven Investment Management LLC Invests $875,000 in South Plains Financial, Inc. $SPFI

SummerHaven Investment Management LLC purchased a new position in shares of South Plains Financial, Inc. (NASDAQ:SPFI) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 22,630 shares of the company’s stock, valued at approximately $875,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPFI. Rosenthal Henry Capital Advisors Inc. grew its holdings in shares of South Plains Financial by 3.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 81,373 shares of the company’s stock worth $3,145,000 after buying an additional 2,347 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in South Plains Financial during the third quarter worth about $25,000. SG Americas Securities LLC purchased a new stake in South Plains Financial during the 3rd quarter valued at about $148,000. CWM LLC raised its holdings in South Plains Financial by 26.3% in the 3rd quarter. CWM LLC now owns 2,119 shares of the company’s stock valued at $82,000 after acquiring an additional 441 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in South Plains Financial by 595.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,353 shares of the company’s stock worth $121,000 after purchasing an additional 2,871 shares in the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Stock Down 2.2%

Shares of SPFI opened at $40.41 on Wednesday. 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 firm has a market cap of $656.58 million, a P/E ratio of 11.75 and a beta of 0.60. The company’s 50-day moving average price is $39.55 and its 200 day moving average price 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 results on Monday, January 26th. The company reported $0.90 earnings per share (EPS) 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 business had revenue of $53.88 million for the quarter, compared to the consensus estimate of $54.11 million. On average, sell-side analysts forecast that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be given a dividend of $0.17 per share. This is an increase from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, February 2nd. South Plains Financial’s dividend payout ratio (DPR) is 19.77%.

Analyst Upgrades and Downgrades

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

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.