South Plains Financial (NASDAQ:SPFI) Posts Earnings Results, Beats Expectations By $0.07 EPS

South Plains Financial (NASDAQ:SPFI) announced its quarterly earnings data on Thursday. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07, Zacks reports. The company had revenue of $65.27 million for the quarter, compared to analysts’ expectations of $65.22 million. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%.

South Plains Financial Stock Performance

NASDAQ:SPFI traded up $0.53 on Thursday, hitting $43.93. The company’s stock had a trading volume of 126,887 shares, compared to its average volume of 113,987. South Plains Financial has a one year low of $35.34 and a one year high of $46.94. The firm has a market capitalization of $827.64 million, a P/E ratio of 11.97 and a beta of 0.49. The stock has a fifty day moving average of $43.74 and a two-hundred day moving average of $42.92. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling

In related news, Director James Stein sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the transaction, the director directly owned 242,872 shares of the company’s stock, valued at approximately $10,817,518.88. The trade was a 29.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Campbell sold 132,714 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $44.75, for a total value of $5,938,951.50. Following the completion of the sale, the director owned 1,412,255 shares in the company, valued at approximately $63,198,411.25. This trade represents a 8.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 260,000 shares of company stock worth $11,624,642 over the last three months. 24.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Benchmark restated a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Weiss Ratings reiterated a “buy (b+)” rating on shares of South Plains Financial in a research note on Friday, September 25th. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research report on Monday, July 20th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.60.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.