Analysts Set South Plains Financial, Inc. (NASDAQ:SPFI) Target Price at $46.00

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) have been given an average recommendation of “Buy” by the six brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $46.00.

Several research analysts have recently commented on SPFI shares. Keefe, Bruyette & Woods lifted their target price on South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Hovde Group lifted their price objective on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a report on Monday, December 22nd. Piper Sandler restated a “neutral” rating and set a $45.00 target price on shares of South Plains Financial in a research note on Tuesday, January 27th. Finally, Zacks Research raised shares of South Plains Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th.

South Plains Financial Stock Performance

Shares of SPFI opened at $42.80 on Friday. The company has a market cap of $695.50 million, a PE ratio of 12.44 and a beta of 0.60. The firm has a 50-day moving average of $39.97 and a 200-day moving average of $39.07. South Plains Financial has a one year low of $30.01 and a one year high of $43.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 0.93.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Monday, January 26th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. The business had revenue of $53.88 million during the quarter, compared to the consensus estimate of $54.11 million. South Plains Financial had a net margin of 19.69% and a return on equity of 12.75%. As a group, equities analysts forecast that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be issued a dividend of $0.17 per share. This is a boost from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, February 2nd. South Plains Financial’s dividend payout ratio is presently 19.77%.

Institutional Trading of South Plains Financial

Several institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in South Plains Financial during the third quarter worth about $25,000. Raymond James Financial Inc. bought a new position in South Plains Financial in the 2nd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of South Plains Financial in the 3rd quarter valued at approximately $57,000. Quarry LP bought a new stake in shares of South Plains Financial during the 3rd quarter worth approximately $60,000. Finally, CWM LLC lifted its holdings in shares of South Plains Financial by 44.8% during the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after acquiring an additional 519 shares during the period. 54.95% of the stock is currently owned by institutional investors.

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.