South Plains Financial (NASDAQ:SPFI) Sees Strong Trading Volume – What’s Next?

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) saw unusually-high trading volume on Wednesday . Approximately 60,290 shares changed hands during trading, an increase of 41% from the previous session’s volume of 42,810 shares.The stock last traded at $36.83 and had previously closed at $36.41.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SPFI shares. Keefe, Bruyette & Woods boosted their price objective on South Plains Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Raymond James Financial reaffirmed an “outperform” rating and set a $42.00 price target (up from $38.00) on shares of South Plains Financial in a research note on Thursday, July 17th. Hovde Group raised their target price on South Plains Financial from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Zacks Research lowered shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Finally, Piper Sandler downgraded South Plains Financial from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $44.00 to $41.00 in a report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

South Plains Financial Trading Up 1.3%

The company has a fifty day moving average of $38.56 and a 200-day moving average of $37.41. 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 firm has a market capitalization of $597.96 million, a PE ratio of 10.52 and a beta of 0.71.

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

South Plains Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Monday, October 27th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, October 27th. South Plains Financial’s dividend payout ratio (DPR) is 18.29%.

Insider Buying and Selling at South Plains Financial

In other news, Director Richard D. Campbell sold 15,583 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $39.62, for a total transaction of $617,398.46. Following the completion of the sale, the director owned 1,529,386 shares of the company’s stock, valued at approximately $60,594,273.32. This trade represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 24.58% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

A number of institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue acquired a new position in South Plains Financial during the 3rd quarter worth approximately $25,000. Raymond James Financial Inc. bought a new position in South Plains Financial in the second quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in South Plains Financial during the third quarter worth $57,000. CWM LLC lifted its stake in South Plains Financial by 44.8% during the second quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after purchasing an additional 519 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of South Plains Financial by 11.0% in the 2nd 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 in the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

South Plains Financial Company Profile

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.