South Plains Financial (NASDAQ:SPFI) Stock Price Up 7.9% After Earnings Beat

South Plains Financial, Inc. (NASDAQ:SPFI)’s share price was up 7.9% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $39.50 and last traded at $39.68. Approximately 36,162 shares changed hands during trading, a decline of 8% from the average daily volume of 39,139 shares. The stock had previously closed at $36.76.

The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. South Plains Financial had a net margin of 18.59% and a return on equity of 12.36%. The firm had revenue of $54.67 million for the quarter, compared to analyst estimates of $52.24 million. During the same quarter in the prior year, the business earned $0.66 earnings per share.

South Plains Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, July 28th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.58%. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.15. South Plains Financial’s dividend payout ratio is currently 20.00%.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reiterated an “outperform” rating and set a $42.00 price objective (up previously from $38.00) on shares of South Plains Financial in a report on Thursday.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently made changes to their positions in SPFI. Invesco Ltd. increased its position in shares of South Plains Financial by 352.5% during the first quarter. Invesco Ltd. now owns 92,768 shares of the company’s stock worth $3,072,000 after acquiring an additional 72,269 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of South Plains Financial by 40.8% during the fourth quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company’s stock worth $8,598,000 after acquiring an additional 71,656 shares in the last quarter. Nuveen LLC bought a new stake in shares of South Plains Financial during the first quarter worth about $1,809,000. American Century Companies Inc. increased its position in shares of South Plains Financial by 16.5% during the fourth quarter. American Century Companies Inc. now owns 248,456 shares of the company’s stock worth $8,634,000 after acquiring an additional 35,207 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of South Plains Financial by 51.3% during the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company’s stock worth $3,278,000 after acquiring an additional 31,983 shares in the last quarter. 54.95% of the stock is owned by institutional investors.

South Plains Financial Trading Up 10.4%

The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $36.15 and its 200 day moving average price is $34.65. The company has a market capitalization of $658.94 million, a P/E ratio of 12.69 and a beta of 0.68.

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.