South Plains Financial (NASDAQ:SPFI) Sees Large Volume Increase – Still a Buy?

South Plains Financial, Inc. (NASDAQ:SPFI) shares saw an uptick in trading volume on Friday . 43,618 shares changed hands during trading, an increase of 4% from the previous session’s volume of 42,112 shares.The stock last traded at $37.6950 and had previously closed at $38.19.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SPFI shares. Piper Sandler lowered South Plains Financial from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $44.00 to $41.00 in a research note on Friday, October 24th. Zacks Research downgraded South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Keefe, Bruyette & Woods upped their target price on shares of South Plains Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of South Plains Financial in a research note on Wednesday, October 8th. Finally, Hovde Group increased their price objective on South Plains Financial from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, South Plains Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

South Plains Financial Trading Down 1.0%

The business has a 50-day moving average of $37.79 and a 200-day moving average of $37.78. The stock has a market capitalization of $610.51 million, a price-to-earnings ratio of 10.73 and a beta of 0.71. 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 (NASDAQ:SPFI) last released its earnings results on Thursday, October 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. South Plains Financial had a return on equity of 13.16% and a net margin of 20.09%.The business had revenue of $54.18 million for the quarter, compared to analyst estimates of $54.07 million. As a group, research analysts forecast that South Plains Financial, Inc. will post 2.85 EPS for the current year.

South Plains Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 10th. Stockholders of record on Monday, October 27th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, October 27th. South Plains Financial’s payout ratio is 18.29%.

Insider Buying and Selling at South Plains Financial

In related news, Director Richard D. Campbell sold 44,417 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $40.21, for a total value of $1,786,007.57. Following the sale, the director directly owned 1,544,969 shares of the company’s stock, valued at approximately $62,123,203.49. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.58% of the stock is currently owned by insiders.

Institutional Trading of South Plains Financial

A number of institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its stake in shares of South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock valued at $93,000 after purchasing an additional 258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock valued at $234,000 after purchasing an additional 312 shares in the last quarter. Teacher Retirement System of Texas increased its stake in South Plains Financial by 3.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,368 shares of the company’s stock worth $374,000 after buying an additional 326 shares during the period. Empowered Funds LLC lifted 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 worth $2,956,000 after buying an additional 398 shares in the last quarter. Finally, Mariner LLC boosted its position in South Plains Financial by 4.4% in the 3rd quarter. Mariner LLC now owns 10,337 shares of the company’s stock valued at $400,000 after buying an additional 434 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

About South Plains Financial

South Plains Financial, Inc operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company operates through two segments, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.