South Plains Financial (NASDAQ:SPFI) Releases Earnings Results, Beats Estimates By $0.06 EPS

by · The Markets Daily

South Plains Financial (NASDAQ:SPFI – Get Free Report) announced its earnings results on Monday. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.06, FiscalAI reports. South Plains Financial had a net margin of 20.09% and a return on equity of 13.16%. The company had revenue of $53.88 million during the quarter, compared to the consensus estimate of $54.11 million.

South Plains Financial Price Performance

SPFI stock traded up $0.33 during mid-day trading on Monday, reaching $41.32. The company’s stock had a trading volume of 64,746 shares, compared to its average volume of 71,796. South Plains Financial has a fifty-two week low of $30.01 and a fifty-two week high of $43.25. The stock has a market cap of $671.45 million, a PE ratio of 11.81 and a beta of 0.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $39.38 and its two-hundred day moving average is $38.90.

South Plains Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, February 2nd. 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 1.6%. South Plains Financial’s dividend payout ratio (DPR) is presently 18.29%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler lowered South Plains Financial from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $44.00 to $41.00 in a research note on Friday, October 24th. Hovde Group upped their target price on South Plains Financial from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. 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 report on Friday, December 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Finally, Raymond James Financial upped their price objective 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. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Check Out Our Latest Research Report on SPFI

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds have recently modified their holdings of SPFI. Raymond James Financial Inc. purchased a new position in South Plains Financial during the second quarter worth about $32,000. Quarry LP purchased a new stake in South Plains Financial in the 3rd quarter valued at about $60,000. BNP Paribas Financial Markets lifted its position in South Plains Financial by 11.0% in the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock valued at $93,000 after buying an additional 258 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in South Plains Financial during the second quarter worth about $106,000. Finally, Tower Research Capital LLC TRC increased its position in shares of South Plains Financial by 595.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,353 shares of the company’s stock valued at $121,000 after acquiring an additional 2,871 shares during the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Company Profile

(Get Free Report)

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.

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