Charles Schwab Investment Management Inc. Sells 946 Shares of South Plains Financial, Inc. (NASDAQ:SPFI)

Charles Schwab Investment Management Inc. cut its stake in shares of South Plains Financial, Inc. (NASDAQ:SPFI) by 2.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 33,349 shares of the company’s stock after selling 946 shares during the period. Charles Schwab Investment Management Inc.’s holdings in South Plains Financial were worth $1,131,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. US Bancorp DE purchased a new stake in South Plains Financial during the 3rd quarter valued at about $36,000. SG Americas Securities LLC purchased a new stake in shares of South Plains Financial during the third quarter valued at approximately $149,000. Creative Planning purchased a new stake in shares of South Plains Financial during the third quarter valued at approximately $504,000. Salzhauer Michael increased its position in shares of South Plains Financial by 87.1% during the second quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after acquiring an additional 8,708 shares in the last quarter. Finally, Prospector Partners LLC raised its holdings in South Plains Financial by 6.6% in the 2nd quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock worth $900,000 after acquiring an additional 2,050 shares during the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

Insider Buying and Selling

In related news, CEO Curtis C. Griffith sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 865,967 shares in the company, valued at approximately $29,009,894.50. The trade was a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 25.39% of the stock is currently owned by corporate insiders.

South Plains Financial Price Performance

SPFI opened at $38.26 on Wednesday. The company’s 50-day simple moving average is $36.96 and its two-hundred day simple moving average is $32.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $627.08 million, a P/E ratio of 14.89 and a beta of 0.60. South Plains Financial, Inc. has a 52-week low of $24.05 and a 52-week high of $40.90.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. The company had revenue of $72.28 million for the quarter, compared to the consensus estimate of $48.90 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. As a group, analysts predict that South Plains Financial, Inc. will post 2.62 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were paid a $0.15 dividend. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, October 28th. South Plains Financial’s dividend payout ratio (DPR) is 23.35%.

Wall Street Analysts Forecast Growth

Separately, Hovde Group increased their target price on South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, October 25th.

South Plains Financial 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.