South Plains Financial (NASDAQ:SPFI) Hits New 1-Year High – Here’s Why

South Plains Financial, Inc. (NASDAQ:SPFI)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $37.24 and last traded at $37.24, with a volume of 1220 shares changing hands. The stock had previously closed at $34.46.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Piper Sandler boosted their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Hovde Group boosted their price target on South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, October 25th.

South Plains Financial Stock Down 4.5 %

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The firm has a market cap of $624.79 million, a price-to-earnings ratio of 14.83 and a beta of 0.58. The firm’s 50 day simple moving average is $33.85 and its two-hundred day simple moving average is $30.50.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. South Plains Financial had a return on equity of 10.59% and a net margin of 15.51%. The firm had revenue of $72.28 million during the quarter, compared to the consensus estimate of $48.90 million. During the same period in the prior year, the company posted $0.78 EPS. On average, equities analysts forecast that South Plains Financial, Inc. will post 2.62 EPS for the current year.

South Plains Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, October 28th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.57%. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, October 28th. South Plains Financial’s dividend payout ratio (DPR) is 23.35%.

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 50,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the completion of the transaction, the chief executive officer now owns 865,967 shares of the company’s stock, valued at approximately $29,009,894.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.39% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE bought a new position in South Plains Financial in the 3rd quarter valued at approximately $36,000. SG Americas Securities LLC acquired a new position in shares of South Plains Financial during the third quarter worth $149,000. BNP Paribas Financial Markets lifted its stake in shares of South Plains Financial by 45.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock valued at $484,000 after acquiring an additional 5,624 shares during the last quarter. Creative Planning bought a new position in shares of South Plains Financial in the 3rd quarter valued at $504,000. Finally, Salzhauer Michael boosted its holdings in shares of South Plains Financial by 87.1% during the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after acquiring an additional 8,708 shares in the last quarter. 54.95% of the stock is currently 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.