South Plains Financial, Inc. (NASDAQ:SPFI) Raises Dividend to $0.18 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly dividend on Thursday, July 16th. Stockholders of record on Monday, July 27th will be given a dividend of 0.18 per share on Monday, August 10th. This represents a c) annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, July 27th. This is a 5.9% increase from South Plains Financial’s previous quarterly dividend of $0.17.

South Plains Financial has increased its dividend by an average of 0.3%annually over the last three years and has raised its dividend every year for the last 5 years. South Plains Financial has a payout ratio of 20.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect South Plains Financial to earn $4.08 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 16.7%.

South Plains Financial Price Performance

Shares of South Plains Financial stock opened at $44.25 on Friday. The firm’s 50-day moving average price is $41.35 and its two-hundred day moving average price is $41.55. South Plains Financial has a 1-year low of $35.34 and a 1-year high of $45.09. The stock has a market capitalization of $847.39 million, a price-to-earnings ratio of 12.39 and a beta of 0.46. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). South Plains Financial had a net margin of 20.22% and a return on equity of 12.58%. The business had revenue of $54.15 million during the quarter, compared to the consensus estimate of $54.08 million. On average, equities analysts predict that South Plains Financial will post 3.79 earnings per share for the current fiscal year.

South Plains Financial Company Profile

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.