South Plains Financial (NASDAQ:SPFI) Stock Rating Lowered by Piper Sandler

South Plains Financial (NASDAQ:SPFI) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Friday, Marketbeat reports. They currently have a $41.00 price objective on the stock, down from their previous price objective of $44.00. Piper Sandler’s price target would suggest a potential upside of 6.49% from the company’s current price.

Several other brokerages also recently weighed in on SPFI. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of South Plains Financial in a research report on Wednesday, October 8th. Zacks Research cut South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Raymond James Financial restated an “outperform” rating and set a $42.00 price objective (up previously from $38.00) on shares of South Plains Financial in a research note on Thursday, July 17th. Finally, Hovde Group upped their price objective on South Plains Financial from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

South Plains Financial Price Performance

Shares of NASDAQ SPFI opened at $38.50 on Friday. South Plains Financial has a 1-year low of $30.01 and a 1-year high of $42.38. The business has a 50-day moving average of $39.32 and a 200-day moving average of $37.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $625.24 million, a price-to-earnings ratio of 11.00 and a beta of 0.65.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Thursday, October 23rd. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.09. South Plains Financial had a return on equity of 13.40% and a net margin of 20.09%.The company had revenue of $54.18 million during the quarter, compared to the consensus estimate of $54.07 million. On average, equities analysts anticipate that South Plains Financial will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling at South Plains Financial

In other news, Director Richard D. Campbell sold 15,583 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $39.62, for a total transaction of $617,398.46. Following the sale, the director directly owned 1,529,386 shares in the company, valued at approximately $60,594,273.32. This represents a 1.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.58% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPFI. State of Alaska Department of Revenue bought a new position in South Plains Financial in the 3rd quarter worth approximately $25,000. Raymond James Financial Inc. bought a new position in South Plains Financial in the 2nd quarter worth approximately $32,000. CWM LLC grew its holdings in South Plains Financial by 44.8% in the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after buying an additional 519 shares in the last quarter. BNP Paribas Financial Markets grew 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 worth $93,000 after buying an additional 258 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in South Plains Financial in the 2nd quarter worth approximately $106,000. 54.95% of the stock is 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.