South Plains Financial (NASDAQ:SPFI) Posts Quarterly Earnings Results

South Plains Financial (NASDAQ:SPFI) issued its earnings results on Friday. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02, FiscalAI reports. South Plains Financial had a net margin of 20.22% and a return on equity of 12.58%. The company had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million.

South Plains Financial Stock Performance

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

South Plains Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, July 27th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is 19.05%.

Wall Street Analyst Weigh In

Several brokerages recently commented on SPFI. Wall Street Zen upgraded shares of South Plains Financial from a “sell” rating to a “hold” rating in a research note on Sunday, May 10th. Weiss Ratings raised shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 29th. Zacks Research downgraded shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 27th. Piper Sandler decreased their price target on South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Finally, Benchmark assumed coverage on South Plains Financial in a report on Wednesday, June 24th. They issued a “buy” rating and a $53.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $47.60.

Insider Activity at South Plains Financial

In related news, Director James D. Stein sold 1,560 shares of South Plains Financial stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $40.07, for a total transaction of $62,509.20. Following the completion of the sale, the director owned 342,872 shares in the company, valued at approximately $13,738,881.04. This trade represents a 0.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 30,000 shares of company stock worth $1,204,340 over the last quarter. 24.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SPFI. Raymond James Financial Inc. purchased a new position in shares of South Plains Financial during the second quarter valued at approximately $32,000. Quarry LP acquired a new position in South Plains Financial in the 3rd quarter valued at $60,000. BNP Paribas Financial Markets raised 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 valued at $93,000 after acquiring an additional 258 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of South Plains Financial during the 2nd quarter worth $106,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of South Plains Financial by 595.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,353 shares of the company’s stock worth $121,000 after purchasing an additional 2,871 shares during the last quarter. 54.95% of the stock is currently 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.