South Plains Financial (NASDAQ:SPFI) Price Target Cut to $32.00

South Plains Financial (NASDAQ:SPFI) had its target price lowered by equities research analysts at Hovde Group from $34.00 to $32.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage presently has an “outperform” rating on the stock. Hovde Group’s price objective would indicate a potential upside of 23.41% from the company’s previous close.

Separately, Raymond James boosted their target price on shares of South Plains Financial from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, January 29th.

South Plains Financial Trading Down 1.7 %

SPFI opened at $25.93 on Friday. South Plains Financial has a fifty-two week low of $18.75 and a fifty-two week high of $30.22. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $426.03 million, a price-to-earnings ratio of 6.93 and a beta of 0.56. The company’s 50 day moving average price is $25.84 and its two-hundred day moving average price is $26.85.

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

Insider Activity

In other news, CEO Curtis C. Griffith sold 100,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $27,318,975.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $25.00, for a total value of $1,250,000.00. Following the sale, the chief executive officer now directly owns 1,253,797 shares of the company’s stock, valued at approximately $31,344,925. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Curtis C. Griffith sold 100,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.75, for a total transaction of $2,475,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,103,797 shares in the company, valued at $27,318,975.75. The disclosure for this sale can be found here. Insiders own 25.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Venturi Wealth Management LLC bought a new position in South Plains Financial during the third quarter worth $2,658,000. Rosenthal Henry Capital Advisors Inc. bought a new position in South Plains Financial during the fourth quarter worth $2,444,000. Panagora Asset Management Inc. boosted its stake in South Plains Financial by 47.1% during the third quarter. Panagora Asset Management Inc. now owns 36,646 shares of the company’s stock worth $969,000 after acquiring an additional 11,730 shares in the last quarter. Prospector Partners LLC boosted its stake in South Plains Financial by 37.3% during the third quarter. Prospector Partners LLC now owns 23,190 shares of the company’s stock worth $613,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in South Plains Financial by 85.7% during the third quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock worth $521,000 after acquiring an additional 9,090 shares in the last quarter. 54.95% of the stock is owned by institutional investors.

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.