South Plains Financial (NASDAQ:SPFI) Hits New 52-Week High Following Dividend Announcement

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) hit a new 52-week high on Friday following a dividend announcement from the company. The stock traded as high as $40.99 and last traded at $40.70, with a volume of 41211 shares traded. The stock had previously closed at $40.60.

The newly announced dividend which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Monday, July 28th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 1.56%. South Plains Financial’s payout ratio is presently 20.00%.

Wall Street Analyst Weigh In

Separately, Raymond James Financial restated an “outperform” rating and issued a $42.00 target price (up from $38.00) on shares of South Plains Financial in a research note on Thursday.

South Plains Financial Price Performance

The business has a fifty day moving average of $36.28 and a 200-day moving average of $34.70. The firm has a market cap of $665.43 million, a PE ratio of 12.81 and a beta of 0.68. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Wednesday, July 16th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. South Plains Financial had a return on equity of 12.36% and a net margin of 18.59%. The business had revenue of $54.67 million during the quarter, compared to analysts’ expectations of $52.24 million. During the same period in the previous year, the business earned $0.66 earnings per share. As a group, research analysts predict that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

Hedge Funds Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in South Plains Financial by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,340 shares of the company’s stock worth $1,193,000 after purchasing an additional 991 shares during the period. Summit Global Investments bought a new position in South Plains Financial during the 4th quarter valued at approximately $249,000. American Century Companies Inc. raised its position in South Plains Financial by 16.5% during the 4th quarter. American Century Companies Inc. now owns 248,456 shares of the company’s stock valued at $8,634,000 after purchasing an additional 35,207 shares during the last quarter. Sei Investments Co. raised its position in South Plains Financial by 8.9% during the 4th quarter. Sei Investments Co. now owns 28,215 shares of the company’s stock valued at $980,000 after purchasing an additional 2,311 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in South Plains Financial during the 4th quarter valued at approximately $101,000. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.