Hovde Group Raises South Plains Financial (NASDAQ:SPFI) Price Target to $47.00

South Plains Financial (NASDAQ:SPFI) had its target price upped by Hovde Group from $46.00 to $47.00 in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

South Plains Financial Stock Performance

NASDAQ SPFI opened at $36.16 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a fifty-two week low of $24.05 and a fifty-two week high of $40.90. The business has a fifty day moving average of $36.42 and a 200-day moving average of $34.63. The stock has a market cap of $592.66 million, a price-to-earnings ratio of 14.07 and a beta of 0.62.

South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same period in the prior year, the business posted $0.61 earnings per share. As a group, analysts predict that South Plains Financial will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $0.60 annualized dividend and a yield of 1.66%. South Plains Financial’s payout ratio is currently 23.35%.

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the completion of the transaction, the chief executive officer now owns 865,967 shares of the company’s stock, valued at $29,009,894.50. This represents a 5.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in shares of South Plains Financial by 200.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock valued at $5,962,000 after buying an additional 117,207 shares during the period. Franklin Resources Inc. acquired a new position in South Plains Financial in the third quarter valued at $223,000. Creative Planning acquired a new stake in South Plains Financial during the third quarter worth about $504,000. BNP Paribas Financial Markets raised its holdings in shares of South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock worth $153,000 after purchasing an additional 1,891 shares during the period. Finally, State Street Corp lifted its stake in shares of South Plains Financial by 4.7% in the 3rd quarter. State Street Corp now owns 274,701 shares of the company’s stock valued at $9,318,000 after purchasing an additional 12,271 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

About South Plains Financial

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.