South Plains Financial (NASDAQ:SPFI) Given New $32.00 Price Target at Hovde Group

South Plains Financial (NASDAQ:SPFI) had its price target decreased by Hovde Group from $34.00 to $32.00 in a research report report published on Friday, MarketBeat reports. Hovde Group currently has an outperform rating on the stock.

Separately, Raymond James raised their price target on South Plains Financial from $28.00 to $31.00 and gave the company an outperform rating in a report on Monday, January 29th.

South Plains Financial Stock Performance

SPFI stock opened at $25.93 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $426.03 million, a price-to-earnings ratio of 6.93 and a beta of 0.56. South Plains Financial has a 1 year low of $18.75 and a 1 year high of $30.22. The stock’s fifty day moving average is $25.84 and its two-hundred day moving average is $26.85.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings results on Friday, January 26th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.04). The business had revenue of $66.38 million for the quarter, compared to analyst estimates of $47.25 million. South Plains Financial had a net margin of 21.23% and a return on equity of 11.32%. During the same period last year, the business posted $0.71 earnings per share. On average, research analysts predict that South Plains Financial will post 2.4 EPS for the current year.

South Plains Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Monday, April 29th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, April 26th. South Plains Financial’s dividend payout ratio (DPR) is 13.90%.

Insider Activity

In other news, Director Noe G. Valles bought 30,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average cost of $27.00 per share, with a total value of $810,000.00. Following the completion of the acquisition, the director now directly owns 195,512 shares in the company, valued at $5,278,824. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 100,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $24.75, for a total value of $2,475,000.00. Following the sale, the chief executive officer now directly owns 1,103,797 shares in the company, valued at $27,318,975.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Noe G. Valles purchased 30,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was acquired at an average price of $27.00 per share, for a total transaction of $810,000.00. Following the completion of the transaction, the director now owns 195,512 shares of the company’s stock, valued at approximately $5,278,824. The disclosure for this purchase can be found here. Corporate insiders own 25.39% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SPFI. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in South Plains Financial in the third quarter worth about $109,000. SG Americas Securities LLC acquired a new stake in South Plains Financial during the 3rd quarter worth about $143,000. Denali Advisors LLC raised its holdings in South Plains Financial by 14.9% during the 3rd quarter. Denali Advisors LLC now owns 5,400 shares of the company’s stock worth $143,000 after buying an additional 700 shares during the period. Salzhauer Michael acquired a new stake in South Plains Financial during the 1st quarter worth about $268,000. Finally, BNP Paribas Financial Markets raised its holdings in South Plains Financial by 35.1% during the 4th quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock worth $361,000 after buying an additional 3,236 shares during the period. 54.95% of the stock is currently owned by 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.