South Plains Financial, Inc. (NASDAQ:SPFI) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) have earned an average recommendation of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $49.60.

Several equities analysts have weighed in on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $50.00 target price (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price target on shares of South Plains Financial in a report on Monday, July 20th. Weiss Ratings upgraded shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Finally, Wall Street Zen upgraded South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th.

Insiders Place Their Bets

In other news, Director James D. Stein sold 100,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the transaction, the director directly owned 242,872 shares of the company’s stock, valued at $10,817,518.88. The trade was a 29.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 130,000 shares of company stock worth $5,658,340 over the last ninety days. Company insiders own 24.29% of the company’s stock.

Institutional Trading of South Plains Financial

A number of large investors have recently made changes to their positions in SPFI. JPMorgan Chase & Co. lifted its stake in shares of South Plains Financial by 15.0% during the 4th quarter. JPMorgan Chase & Co. now owns 437,995 shares of the company’s stock worth $16,994,000 after purchasing an additional 57,008 shares during the period. Wedge Capital Management L L P NC purchased a new stake in shares of South Plains Financial in the second quarter valued at $2,410,000. Legacy Wealth Management LLC MS purchased a new stake in shares of South Plains Financial in the second quarter valued at $1,659,000. First Trust Advisors LP grew its position in shares of South Plains Financial by 349.0% in the third quarter. First Trust Advisors LP now owns 46,503 shares of the company’s stock valued at $1,797,000 after purchasing an additional 36,147 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in South Plains Financial in the first quarter valued at $1,451,000. Institutional investors and hedge funds own 54.95% of the company’s stock.

South Plains Financial Stock Up 0.4%

South Plains Financial stock opened at $44.84 on Friday. South Plains Financial has a fifty-two week low of $35.34 and a fifty-two week high of $46.94. The firm has a market capitalization of $858.69 million, a price-to-earnings ratio of 12.22 and a beta of 0.46. The stock’s fifty day moving average is $42.42 and its two-hundred day moving average is $41.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.93 and a current ratio of 0.93.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%.The business had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. Analysts predict that South Plains Financial will post 3.77 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, July 27th will be issued a dividend of $0.18 per share. This is a boost from South Plains Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, July 27th. This represents a $0.72 dividend on an annualized basis and a yield of 1.6%. South Plains Financial’s payout ratio is currently 19.62%.

About South Plains Financial

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.