Japan PPI inflation slips to 11-mth low in July
In a recent move, Curtis C. Griffith, the Chairman and CEO of South Plains Financial, Inc. (NASDAQ:SPFI), sold a significant portion of his holdings in the company. The transaction, which took place on August 15, involved the sale of 50,000 shares at a price of $30 per share, resulting in a total value of $1.5 million.
This sale has adjusted Griffith's direct ownership in the company to 915,967 shares. It is worth noting that the shares sold were part of a private transaction with Noe G. Valles, a fellow director of the issuer. The shares in question included restricted stock units that are subject to vesting and forfeiture conditions.
Additionally, Griffith has indirect ownership through various family trusts. The shares held in these trusts are attributed to his immediate family members, with Griffith disclaiming beneficial ownership except to the extent of his pecuniary interest. These trusts include the Curtis C. Griffith 2021 Irrevocable Trust, the Richard Thomas White 2021 Trust, the Birdie Lucille White 2021 Trust, the William Hogan White 2021 Trust, the Sydney Suzanne Griffith 2021 Trust, and the Johnathan Brockway Griffith 2021 Trust.
The reporting of this sale was formalized with a signature by Mikella D. Newsom, acting as Attorney-in-Fact for Curtis C. Griffith, on August 16, the day following the transaction. The sale and subsequent filing provide investors with a glimpse into the executive's trading activities and current stake in the company.
In other recent news, South Plains Financial Inc . reported a rise in its second-quarter diluted earnings per share (EPS) to $0.66, up from $0.64 in the previous quarter, driven by robust organic loan growth and an improved net interest margin (NIM). The company also declared a quarterly dividend of $0.14 per share. Piper Sandler, a financial services firm, has reaffirmed its Overweight rating on the company's shares and increased the price target to $36.00. The firm's positive outlook is based on South Plains Financial's liability-sensitive position, a flexible balance sheet, and excess capital. Executives from South Plains Financial and Citibank have discussed the recent shift in investor interest from tech stocks to financials and emphasized a cautious approach to capital management and growth. These developments represent the recent news surrounding South Plains Financial.
InvestingPro Insights
As investors weigh the implications of Curtis C. Griffith's recent sale of South Plains Financial, Inc. (NASDAQ:SPFI) shares, a look at the company's performance and analyst expectations may provide additional context. According to InvestingPro data, South Plains Financial currently holds a market capitalization of approximately $530.27 million, with a price-to-earnings (P/E) ratio of 11.7, reflecting investor sentiment on the company's earnings capacity.
Notably, South Plains Financial has demonstrated a robust return on assets over the last twelve months as of Q2 2024, standing at 1.09%, which may signal effective asset utilization. Moreover, the company's shares have shown a strong return over the last three months, with a price total return of 19.47%, indicating positive momentum in the short term. This performance aligns with one of the InvestingPro Tips highlighting the company's strong return in recent months.
Additionally, another InvestingPro Tip points out that the company has been successful in raising its dividend for five consecutive years, which could be attractive to income-focused investors. The latest data shows a dividend yield of 1.74%, coupled with a dividend growth of 7.69% over the last twelve months as of Q2 2024. For investors interested in dividend performance and growth prospects, South Plains Financial appears to maintain a commitment to shareholder returns.
For those looking to delve deeper into the financial health and future prospects of South Plains Financial, InvestingPro offers additional insights, including a total of 8 tips for the company, which can be accessed through the InvestingPro platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.