South Plains Financial (NASDAQ:SPFI) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of South Plains Financial (NASDAQ:SPFI) from a hold rating to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.

A number of other analysts have also commented on SPFI. Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $45.00 target price on shares of South Plains Financial in a research note on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Raymond James Financial increased their price objective on shares of South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Finally, Hovde Group raised their price objective on shares of South Plains Financial from $47.00 to $49.00 and gave the company an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $46.00.

South Plains Financial Price Performance

Shares of SPFI stock opened at $40.87 on Wednesday. South Plains Financial has a 1 year low of $30.01 and a 1 year high of $43.90. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $39.70 and its 200-day moving average is $38.98. The firm has a market capitalization of $664.14 million, a price-to-earnings ratio of 11.88 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.06. The firm had revenue of $53.88 million for the quarter, compared to the consensus estimate of $54.11 million. South Plains Financial had a return on equity of 12.75% and a net margin of 19.69%. Sell-side analysts forecast that South Plains Financial will post 2.85 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be issued a $0.17 dividend. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.7%. South Plains Financial’s dividend payout ratio (DPR) is presently 18.60%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gabelli Funds LLC acquired a new stake in South Plains Financial during the 2nd quarter worth approximately $4,708,000. JPMorgan Chase & Co. increased its position in shares of South Plains Financial by 34.5% during the second quarter. JPMorgan Chase & Co. now owns 346,567 shares of the company’s stock worth $12,490,000 after acquiring an additional 88,992 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of South Plains Financial during the third quarter worth $1,624,000. First Trust Advisors LP lifted its position in South Plains Financial by 349.0% in the 3rd quarter. First Trust Advisors LP now owns 46,503 shares of the company’s stock valued at $1,797,000 after acquiring an additional 36,147 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in South Plains Financial by 63.3% in 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 currently owned by 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.