Hovde Group Increases South Plains Financial (NASDAQ:SPFI) Price Target to $49.00

South Plains Financial (NASDAQ:SPFI) had its price objective upped by stock analysts at Hovde Group from $47.00 to $49.00 in a report released on Tuesday, MarketBeat reports. The brokerage presently has an “outperform” rating on the stock. Hovde Group’s price objective would indicate a potential upside of 20.60% from the stock’s previous close.

Several other research firms have also recently weighed in on SPFI. Weiss Ratings restated a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Raymond James Financial raised their price target on shares of South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Piper Sandler restated a “neutral” rating and issued a $45.00 price objective on shares of South Plains Financial in a research report on Tuesday. Finally, Keefe, Bruyette & Woods increased their price objective on South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

South Plains Financial Trading Up 0.5%

SPFI stock opened at $40.63 on Tuesday. The business has a fifty day moving average price of $39.62 and a 200 day moving average price of $38.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 0.93. South Plains Financial has a fifty-two week low of $30.01 and a fifty-two week high of $43.90. The stock has a market capitalization of $660.24 million, a price-to-earnings ratio of 11.81 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Monday, January 26th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.84 by $0.06. South Plains Financial had a return on equity of 12.75% and a net margin of 19.69%.The company had revenue of $53.88 million for the quarter, compared to analysts’ expectations of $54.11 million. Analysts expect that South Plains Financial will post 2.85 EPS for the current fiscal year.

Institutional Trading of South Plains Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of South Plains Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock worth $234,000 after purchasing an additional 312 shares during the last quarter. Empowered Funds LLC lifted its stake in South Plains Financial by 0.4% in the first quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock valued at $2,956,000 after buying an additional 398 shares during the period. Jane Street Group LLC bought a new position in South Plains Financial during the first quarter worth about $315,000. Truist Financial Corp bought a new position in South Plains Financial during the second quarter worth about $212,000. Finally, CWM LLC grew its position in shares of South Plains Financial by 44.8% during the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after buying an additional 519 shares during the period. 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.