South Plains Financial (NASDAQ:SPFI) Sets New 1-Year High Following Earnings Beat

South Plains Financial, Inc. (NASDAQ:SPFI) reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $43.90 and last traded at $42.12, with a volume of 14093 shares changing hands. The stock had previously closed at $41.32.

The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. South Plains Financial had a net margin of 19.69% and a return on equity of 12.75%. The firm had revenue of $53.88 million during the quarter, compared to analysts’ expectations of $54.11 million.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 2nd will be issued a $0.17 dividend. This is a boost from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, February 2nd. South Plains Financial’s dividend payout ratio is currently 18.60%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Hovde Group boosted their target price on South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Raymond James Financial lifted their price target on shares of South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Finally, Piper Sandler restated a “neutral” rating and issued a $45.00 price objective on shares of South Plains Financial in a research note on Tuesday. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, South Plains Financial has an average rating of “Moderate Buy” and an average price target of $46.00.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Truist Financial Corp bought a new position in South Plains Financial during the second quarter valued at about $212,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of South Plains Financial during the 2nd quarter worth approximately $336,000. JPMorgan Chase & Co. increased its position in shares of South Plains Financial by 34.5% during the second quarter. JPMorgan Chase & Co. now owns 346,567 shares of the company’s stock valued at $12,490,000 after purchasing an additional 88,992 shares during the period. Geode Capital Management LLC raised its stake in shares of South Plains Financial by 5.2% in the second quarter. Geode Capital Management LLC now owns 292,735 shares of the company’s stock valued at $10,552,000 after purchasing an additional 14,471 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in South Plains Financial in the second quarter worth $321,000. Institutional investors and hedge funds own 54.95% of the company’s stock.

South Plains Financial Stock Performance

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average of $39.62 and a 200 day moving average of $38.97. The stock has a market capitalization of $660.24 million, a P/E ratio of 11.81 and a beta of 0.60.

South Plains Financial Company Profile

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.