South Plains Financial (NASDAQ:SPFI) Receives “Outperform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of South Plains Financial (NASDAQ:SPFI) in a research note published on Monday,Benzinga reports. They currently have a $45.00 target price on the stock, down from their prior target price of $46.00.

Separately, Hovde Group increased their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday.

South Plains Financial Trading Down 0.3 %

Shares of SPFI stock opened at $36.63 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a 12-month low of $24.05 and a 12-month high of $40.90. The stock has a market capitalization of $600.37 million, a P/E ratio of 14.25 and a beta of 0.62. The firm’s 50 day moving average is $36.47 and its 200 day moving average is $34.52.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.29. South Plains Financial had a return on equity of 10.39% and a net margin of 15.51%. During the same period in the prior year, the company posted $0.61 EPS. Research analysts expect that South Plains Financial will post 2.62 earnings per share for the current year.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, February 3rd will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.64%. South Plains Financial’s dividend payout ratio (DPR) is presently 23.35%.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the company’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 value of $1,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 865,967 shares in the company, valued at $29,009,894.50. This represents a 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 25.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds have recently made changes to their positions in SPFI. Exchange Traded Concepts LLC purchased a new position in South Plains Financial in the 4th quarter worth approximately $282,000. SG Americas Securities LLC raised its position in shares of South Plains Financial by 26.8% during the fourth quarter. SG Americas Securities LLC now owns 5,556 shares of the company’s stock valued at $193,000 after buying an additional 1,175 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of South Plains Financial by 200.1% in the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock worth $5,962,000 after buying an additional 117,207 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of South Plains Financial in the third quarter worth $223,000. Finally, Geode Capital Management LLC grew its stake in South Plains Financial by 2.4% during the third quarter. Geode Capital Management LLC now owns 272,574 shares of the company’s stock valued at $9,248,000 after acquiring an additional 6,292 shares in the last quarter. Institutional investors own 54.95% of the company’s stock.

South Plains Financial Company 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.