South Plains Financial, Inc. (NASDAQ:SPFI) Increases Dividend to $0.19 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly dividend on Thursday, October 22nd. Investors of record on Monday, November 2nd will be paid a dividend of $0.19 per share on Monday, November 16th. This represents a $0.76 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, November 2nd. This is a 5.6% increase from South Plains Financial’s previous quarterly dividend of $0.18.

South Plains Financial has raised its dividend by an average of 0.3% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. South Plains Financial has a payout ratio of 21.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect South Plains Financial to earn $4.16 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 17.3%.

South Plains Financial Price Performance

Shares of NASDAQ:SPFI opened at $43.93 on Friday. The firm has a market cap of $827.64 million, a price-to-earnings ratio of 11.83 and a beta of 0.49. South Plains Financial has a 1 year low of $35.34 and a 1 year high of $46.94. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $43.71 and a 200 day simple moving average of $42.94.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Thursday, October 22nd. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. The firm had revenue of $65.27 million for the quarter, compared to the consensus estimate of $65.22 million. As a group, sell-side analysts predict that South Plains Financial will post 3.77 earnings per share for the current fiscal year.

About South Plains Financial

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.