South Plains Financial Director Acquires $3.3m in Stock

In a recent transaction, Noe G. Valles, a director at South Plains Financial, Inc. (NASDAQ:SPFI), acquired 100,000 shares of the company’s common stock. The purchase, valued at approximately $3.3 million, was executed at a price of $33 per share. This acquisition was made through a private transaction with Curtis C. Griffith, another director and executive officer of the company. Following this transaction, Valles now holds 486,437 shares directly. According to InvestingPro, analysts have set price targets ranging from $39 to $47, suggesting potential upside, while the company trades at an attractive P/E ratio of 10.8x and has raised its dividend for six consecutive years. For more detailed analysis and additional insights, including 7 more ProTips, check out the comprehensive Pro Research Report available on InvestingPro.

In other recent news, South Plains Financial reported impressive third-quarter 2024 earnings, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.96, significantly higher than the forecasted $0.68, and revenue reached $51.87 million, exceeding the anticipated $49.41 million. Additionally, South Plains Financial has initiated a $15 million stock repurchase program, allowing the company to buy back its common stock through various transactions until February 2026. This move follows the company’s continued strong financial performance, including a 10% annualized increase in deposits, reflecting solid customer trust.

Furthermore, South Plains Financial’s net interest income rose to $37.3 million from $35.9 million in the previous quarter, and the net interest margin increased slightly to 3.65%. The company’s board of directors also authorized a 7% increase in the quarterly dividend, marking the 22nd consecutive quarterly dividend. Looking ahead, South Plains Financial is preparing for potential loan growth in 2025, with expectations of economic improvement in Texas and New Mexico.

Analysts have noted the company’s proactive management of credit quality and liquidity, positioning it well for future economic conditions. The company’s leadership expressed optimism about the business pipeline, which is the strongest it has been in over two years, indicating potential for further growth.

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