South Plains Financial’s (SPFI) Outperform Rating Reaffirmed at Keefe, Bruyette & Woods

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

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

South Plains Financial Trading Down 0.8 %

Shares of NASDAQ:SPFI opened at $36.16 on Monday. The business’s 50 day moving average price is $36.42 and its 200-day moving average price is $34.63. South Plains Financial has a 1 year low of $24.05 and a 1 year high of $40.90. The firm has a market capitalization of $592.66 million, a price-to-earnings ratio of 14.07 and a beta of 0.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same quarter in the prior year, the business earned $0.61 EPS. On average, equities research analysts forecast that South Plains Financial will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, February 3rd will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.66%. South Plains Financial’s payout ratio is presently 23.35%.

Insider Buying and Selling at South Plains Financial

In related news, CEO Curtis C. Griffith sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $33.50, for a total value of $1,675,000.00. Following the completion of the sale, the chief executive officer now owns 865,967 shares of the company’s stock, valued at approximately $29,009,894.50. This trade represents a 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 25.39% of the stock is owned by insiders.

Institutional Trading of South Plains Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE purchased a new stake in shares of South Plains Financial in the third quarter valued at about $36,000. FMR LLC grew its stake in shares of South Plains Financial by 39.3% in the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after buying an additional 394 shares during the period. SG Americas Securities LLC acquired a new stake in shares of South Plains Financial during the 3rd quarter worth approximately $149,000. BNP Paribas Financial Markets lifted its holdings in South Plains Financial by 72.4% in the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after acquiring an additional 1,891 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in South Plains Financial by 20.9% in the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock worth $157,000 after acquiring an additional 800 shares during the period. 54.95% of the stock is owned by institutional investors and hedge funds.

About South Plains Financial

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.