South Plains Financial said on January 19, 2023 that its board of directors declared a regular quarterly dividend of $0.13 per share. ( $0.52 per year). Shareholders of record as of January 27, 2023 will receive the payment on February 13, 2023. Previously, the company paid $0.12 per share.

At the most recent share price of $28.39 / share, the stock’s annualized dividend yield is 1.83%. Additionally, the company’s dividend payout ratio is 0.14, indicating it is retaining a low percentage of its earnings to reinvest in growth opportunities.

The company’s 3-Year dividend growth rate is 3.00%, demonstrating that it consistently increased its dividends over time.

Analyst Price Forecast Suggests 13.17% Upside

As of January 23, 2023, the average one-year price target for South Plains Financial is $32.13. The forecasts range from a low of $31.31 to a high of $33.60. The average price target represents an increase of 13.17% from its latest reported closing price of $28.39.

The projected annual revenue for South Plains Financial is $218MM, a decrease of -2.31%. The projected annual EPS is $2.70, a decrease of -21.17%.

Fund Sentiment

There are 229 funds or institutions reporting positions in South Plains Financial Inc. This is an increase of 20 owner(s) or 9.57%.

Average portfolio weight of all funds dedicated to South Plains Financial Inc is 0.0587%, a decrease of 1.4220%. Total shares owned by institutions increased in the last three months by 8.94% to 5,190,157 shares.

What are large shareholders doing?

M3F, Inc. holds 252,433 shares representing 1.48% ownership of the company. In it’s prior filing, the firm reported owning 251,433 shares, representing an increase of 0.40%. The firm increased its portfolio allocation in SPFI by 23.82% over the last quarter.

Geode Capital Management, Llc holds 211,484 shares representing 1.24% ownership of the company. In it’s prior filing, the firm reported owning 204,285 shares, representing an increase of 3.40%. The firm increased its portfolio allocation in SPFI by 22.38% over the last quarter.

Bridgeway Capital Management Inc holds 174,700 shares representing 1.03% ownership of the company. No change in the last quarter.

Keeley-Teton Advisors, LLC holds 168,607 shares representing 0.99% ownership of the company. In it’s prior filing, the firm reported owning 173,715 shares, representing a decrease of 3.03%. The firm increased its portfolio allocation in SPFI by 20.35% over the last quarter.

Polaris Capital Management, LLC holds 163,000 shares representing 0.96% ownership of the company. No change in the last quarter.

South Plains Financial Inc Background Information
(This description is provided by the company.)

South Plains Financial Inc. is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station Texas markets, and the Ruidoso and Eastern New Mexico markets. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with insurance, investment, trust and mortgage services.

This article originally appeared on Fintel

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