South Plains Financial (NASDAQ:SPFI) Upgraded by Zacks Research to “Strong-Buy” Rating

South Plains Financial (NASDAQ:SPFI) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on SPFI. Hovde Group raised their price target on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a report on Tuesday. Keefe, Bruyette & Woods boosted their target price on shares of South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Piper Sandler reissued a “neutral” rating and issued a $45.00 price objective on shares of South Plains Financial in a research report on Tuesday. Finally, Raymond James Financial boosted their price objective on South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $46.00.

South Plains Financial Stock Up 0.6%

Shares of NASDAQ:SPFI opened at $40.87 on Wednesday. The firm has a market cap of $664.14 million, a P/E ratio of 11.88 and a beta of 0.60. South Plains Financial has a 12-month low of $30.01 and a 12-month high of $43.90. The business has a fifty day simple moving average of $39.70 and a 200 day simple moving average of $38.98. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings results on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.06. The company had revenue of $53.88 million during the quarter, compared to analysts’ expectations of $54.11 million. South Plains Financial had a return on equity of 12.75% and a net margin of 19.69%. Analysts predict that South Plains Financial will post 2.85 earnings per share for the current year.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of South Plains Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock worth $234,000 after purchasing an additional 312 shares during the period. Empowered Funds LLC raised its holdings in South Plains Financial by 0.4% during the first quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock worth $2,956,000 after buying an additional 398 shares during the last quarter. Jane Street Group LLC bought a new position in shares of South Plains Financial in the first quarter valued at $315,000. Truist Financial Corp bought a new position in shares of South Plains Financial in the second quarter valued at $212,000. Finally, CWM LLC grew its holdings in shares of South Plains Financial by 44.8% during the second quarter. CWM LLC now owns 1,678 shares of the company’s stock valued at $60,000 after buying an additional 519 shares during the last quarter. Institutional investors own 54.95% of the company’s stock.

South Plains Financial Company Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.