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

South Plains Financial, Inc. (NASDAQ:SPFI) saw an uptick in trading volume on Tuesday . 74,606 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 114,815 shares.The stock last traded at $44.5940 and had previously closed at $44.50.

Analyst Ratings Changes

SPFI has been the topic of a number of research reports. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 target price on shares of South Plains Financial in a report on Monday, July 20th. Wall Street Zen raised shares of South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Piper Sandler dropped their price objective on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.60.

South Plains Financial Stock Performance

The stock has a fifty day moving average price of $42.04 and a 200 day moving average price of $41.82. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12. The firm has a market cap of $863.96 million, a price-to-earnings ratio of 12.26 and a beta of 0.46.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. The firm had revenue of $64.49 million during the quarter, compared to analyst estimates of $63.34 million. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%. As a group, analysts predict that South Plains Financial, Inc. will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, July 27th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, July 27th. This is a boost from South Plains Financial’s previous quarterly dividend of $0.17. South Plains Financial’s dividend payout ratio (DPR) is 19.62%.

Insider Buying and Selling

In other South Plains Financial news, Director James D. Stein sold 13,504 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $40.01, for a total transaction of $540,295.04. Following the completion of the transaction, the director owned 344,432 shares of the company’s stock, valued at $13,780,724.32. The trade was a 3.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 30,000 shares of company stock valued at $1,204,340. Company insiders own 24.29% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds have recently modified their holdings of SPFI. Royal Bank of Canada increased its position in South Plains Financial by 71.2% during the first quarter. Royal Bank of Canada now owns 642 shares of the company’s stock worth $27,000 after acquiring an additional 267 shares during the period. Raymond James Financial Inc. bought a new stake in shares of South Plains Financial in the second quarter valued at about $32,000. State of Alaska Department of Revenue grew its position in South Plains Financial by 138.8% during the fourth quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock worth $60,000 after buying an additional 913 shares in the last quarter. Quarry LP acquired a new stake in South Plains Financial during the third quarter worth about $60,000. Finally, BNP Paribas Financial Markets increased its stake in 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 acquiring an additional 258 shares during the period. 54.95% of the stock is owned by institutional investors.

About South Plains Financial

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.