South Plains Financial (NASDAQ:SPFI) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

South Plains Financial (NASDAQ:SPFI) announced its earnings results on Monday. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06, FiscalAI reports. South Plains Financial had a return on equity of 13.16% and a net margin of 20.09%.The company had revenue of $53.88 million for the quarter, compared to analyst estimates of $54.11 million.

South Plains Financial Stock Up 0.8%

SPFI stock traded up $0.33 during midday trading on Monday, reaching $41.32. 64,746 shares of the company were exchanged, compared to its average volume of 71,796. The company has a market cap of $671.45 million, a price-to-earnings ratio of 11.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. South Plains Financial has a 1-year low of $30.01 and a 1-year high of $43.25. The stock’s 50-day simple moving average is $39.38 and its 200 day simple moving average is $38.90.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 2nd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, February 2nd. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is presently 18.29%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SPFI shares. Piper Sandler downgraded South Plains Financial from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $44.00 to $41.00 in a research report on Friday, October 24th. Keefe, Bruyette & Woods lifted their price objective on shares of South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a report on Monday, December 22nd. Hovde Group raised their price target on shares of South Plains Financial from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, Raymond James Financial increased their price objective on South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

Institutional Investors Weigh In On South Plains Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of South Plains Financial by 1.1% in the third quarter. Vanguard Group Inc. now owns 706,328 shares of the company’s stock valued at $27,300,000 after purchasing an additional 7,889 shares during the period. Dimensional Fund Advisors LP lifted its position in South Plains Financial by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 480,837 shares of the company’s stock valued at $18,584,000 after purchasing an additional 9,484 shares during the period. Empowered Funds LLC boosted its holdings in South Plains Financial by 0.4% in the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock valued at $2,956,000 after purchasing an additional 398 shares in the last quarter. Russell Investments Group Ltd. increased its position in South Plains Financial by 4.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 80,068 shares of the company’s stock worth $3,094,000 after purchasing an additional 3,580 shares during the period. Finally, Two Sigma Investments LP increased its position in South Plains Financial by 63.3% during the 3rd quarter. Two Sigma Investments LP now owns 76,792 shares of the company’s stock worth $2,968,000 after purchasing an additional 29,767 shares during the period. 54.95% of the stock is owned by hedge funds and other institutional investors.

About South Plains Financial

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.