South Plains Financial (NASDAQ:SPFI) Earns Outperform Rating from Keefe, Bruyette & Woods

South Plains Financial (NASDAQ:SPFI)‘s stock had its “outperform” rating restated by equities research analysts at Keefe, Bruyette & Woods in a report released on Monday,Benzinga reports. They presently have a $50.00 target price on the stock, up from their prior target price of $48.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 13.95% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Raymond James Financial restated an “outperform” rating and set a $50.00 target price on shares of South Plains Financial in a research report on Monday. Weiss Ratings upgraded shares of South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Zacks Research cut shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 27th. 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. Finally, Benchmark reissued a “buy” rating on shares of South Plains Financial in a research report on Monday. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.60.

South Plains Financial Stock Down 0.8%

Shares of NASDAQ SPFI opened at $43.88 on Monday. The stock has a market cap of $840.30 million, a PE ratio of 11.96 and a beta of 0.46. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. South Plains Financial has a 52-week low of $35.34 and a 52-week high of $46.94. The business has a 50-day moving average price of $41.64 and a 200 day moving average price of $41.66.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Friday, July 17th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. The company had revenue of $64.49 million for 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%. Equities research analysts forecast that South Plains Financial will post 3.77 earnings per share for the current year.

Insider Activity

In other news, Director James D. Stein sold 13,504 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $40.01, for a total value of $540,295.04. Following the completion of the sale, the director directly owned 344,432 shares of the company’s stock, valued at $13,780,724.32. This trade represents a 3.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 30,000 shares of company stock worth $1,204,340. Corporate insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in South Plains Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock valued at $234,000 after acquiring an additional 312 shares during the period. Empowered Funds LLC boosted its position in shares of South Plains Financial by 0.4% during the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock worth $2,956,000 after purchasing an additional 398 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of South Plains Financial during the 1st quarter worth $315,000. Rhumbline Advisers increased its holdings in shares of South Plains Financial by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 20,622 shares of the company’s stock valued at $743,000 after purchasing an additional 2,532 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of South Plains Financial in the 2nd quarter valued at about $106,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

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.