South Plains Financial (NASDAQ:SPFI) Reaches New 1-Year High – Here’s What Happened
by Renee Jackson · The Cerbat GemShares of South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $42.50 and last traded at $42.42, with a volume of 47087 shares trading hands. The stock had previously closed at $40.41.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on SPFI shares. Hovde Group increased their price target on South Plains Financial from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Keefe, Bruyette & Woods increased their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. Raymond James Financial upped their price target on South Plains Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Finally, Piper Sandler lowered shares of South Plains Financial from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $44.00 to $41.00 in a report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, South Plains Financial currently has an average rating of “Moderate Buy” and a consensus price target of $44.75.
View Our Latest Stock Analysis on South Plains Financial
South Plains Financial Trading Up 5.3%
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 stock’s 50 day moving average is $39.22 and its 200-day moving average is $38.83. The company has a market cap of $691.35 million, a PE ratio of 12.16 and a beta of 0.60.
South Plains Financial (NASDAQ:SPFI – Get Free Report) last posted its earnings results on Thursday, October 23rd. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.09. The firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $54.07 million. South Plains Financial had a net margin of 20.09% and a return on equity of 13.16%. As a group, sell-side analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current year.
Institutional Investors Weigh In On South Plains Financial
Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its position in shares of South Plains Financial by 31.4% during the 4th quarter. SG Americas Securities LLC now owns 5,027 shares of the company’s stock valued at $195,000 after purchasing an additional 1,202 shares during the last quarter. JPMorgan Chase & Co. lifted its position in South Plains Financial by 9.9% in the third quarter. JPMorgan Chase & Co. now owns 380,987 shares of the company’s stock worth $14,725,000 after buying an additional 34,420 shares during the last quarter. PharVision Advisers LLC purchased a new position in South Plains Financial during the third quarter worth $361,000. Polymer Capital Management US LLC increased its position in South Plains Financial by 24.4% during the third quarter. Polymer Capital Management US LLC now owns 7,356 shares of the company’s stock valued at $284,000 after acquiring an additional 1,445 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of South Plains Financial in the third quarter valued at $60,000. 54.95% of the stock is owned by institutional investors.
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.