Hovde Group Trims South Plains Financial (NASDAQ:SPFI) Target Price to $32.00

South Plains Financial (NASDAQ:SPFI) had its price target dropped by equities researchers at Hovde Group from $34.00 to $32.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s price objective points to a potential upside of 23.41% from the stock’s previous close.

Separately, Raymond James increased their target price on South Plains Financial from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, January 29th.

South Plains Financial Trading Down 1.7 %

SPFI stock opened at $25.93 on Friday. South Plains Financial has a 1-year low of $18.75 and a 1-year high of $30.22. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $426.03 million, a price-to-earnings ratio of 6.93 and a beta of 0.56. The business has a 50 day simple moving average of $25.84 and a two-hundred day simple moving average of $26.85.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Friday, January 26th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.04). South Plains Financial had a return on equity of 11.32% and a net margin of 21.23%. The business had revenue of $66.38 million during the quarter, compared to the consensus estimate of $47.25 million. During the same quarter in the previous year, the company earned $0.71 earnings per share. Research analysts anticipate that South Plains Financial will post 2.4 EPS for the current fiscal year.

Insider Activity

In other news, Director Noe G. Valles bought 30,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was purchased at an average cost of $27.00 per share, for a total transaction of $810,000.00. Following the transaction, the director now owns 195,512 shares of the company’s stock, valued at $5,278,824. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Curtis C. Griffith sold 100,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $24.75, for a total transaction of $2,475,000.00. Following the sale, the chief executive officer now owns 1,103,797 shares in the company, valued at approximately $27,318,975.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noe G. Valles purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were bought at an average price of $27.00 per share, for a total transaction of $810,000.00. Following the acquisition, the director now directly owns 195,512 shares in the company, valued at approximately $5,278,824. The disclosure for this purchase can be found here. Corporate insiders own 25.39% of the company’s stock.

Institutional Trading of South Plains Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Salzhauer Michael purchased a new stake in South Plains Financial during the 1st quarter valued at $268,000. BNP Paribas Financial Markets raised its holdings in South Plains Financial by 35.1% during the 4th quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock valued at $361,000 after buying an additional 3,236 shares during the period. SG Americas Securities LLC raised its holdings in South Plains Financial by 22.8% during the 4th quarter. SG Americas Securities LLC now owns 6,628 shares of the company’s stock valued at $192,000 after buying an additional 1,230 shares during the period. Rosenthal Henry Capital Advisors Inc. purchased a new stake in South Plains Financial during the 4th quarter valued at $2,444,000. Finally, Citigroup Inc. raised its holdings in South Plains Financial by 85.7% during the 3rd quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock valued at $521,000 after buying an additional 9,090 shares during the period. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Company Profile

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.