South Plains Financial, Inc. (NASDAQ:SPFI) Receives $44.00 Consensus PT from Brokerages

South Plains Financial, Inc. (NASDAQ:SPFI) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $44.00.

A number of brokerages recently commented on SPFI. Zacks Research downgraded South Plains Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Hovde Group upped their target price on shares of South Plains Financial from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of South Plains Financial in a report on Saturday. Piper Sandler lowered shares of South Plains Financial from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $44.00 to $41.00 in a report on Friday. Finally, Keefe, Bruyette & Woods raised their target price on shares of South Plains Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday.

Insider Transactions at South Plains Financial

In other South Plains Financial news, Director Richard D. Campbell sold 44,417 shares of South Plains Financial stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $40.21, for a total transaction of $1,786,007.57. Following the completion of the transaction, the director owned 1,544,969 shares in the company, valued at approximately $62,123,203.49. The trade was a 2.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds have recently added to or reduced their stakes in SPFI. State of Alaska Department of Revenue purchased a new position in South Plains Financial in the 3rd quarter worth about $25,000. Raymond James Financial Inc. purchased a new stake in shares of South Plains Financial in the 2nd quarter worth $32,000. CWM LLC increased its position in South Plains Financial by 44.8% in the second quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after buying an additional 519 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in South Plains Financial by 11.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after acquiring an additional 258 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of South Plains Financial in the second quarter worth $106,000. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

South Plains Financial Stock Performance

SPFI opened at $38.50 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $625.24 million, a P/E ratio of 11.00 and a beta of 0.65. The business’s fifty day moving average is $39.32 and its 200-day moving average is $37.11. South Plains Financial has a 52-week low of $30.01 and a 52-week high of $42.38.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.09. The company had revenue of $54.18 million for the quarter, compared to the consensus estimate of $54.07 million. South Plains Financial had a return on equity of 13.40% and a net margin of 20.09%. Sell-side analysts expect that South Plains Financial will post 2.85 EPS for the current fiscal year.

South Plains Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, October 27th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.7%. South Plains Financial’s dividend payout ratio (DPR) is currently 18.29%.

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.