South Plains Financial (NASDAQ:SPFI) Hits New 12-Month High - Should You Buy?

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report)'s share price reached a new 52-week high on Monday . The stock traded as high as $35.61 and last traded at $34.94, with a volume of 1754 shares changing hands. The stock had previously closed at $35.21.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Hovde Group upped their target price on South Plains Financial from $32.00 to $36.00 and gave the company an "outperform" rating in a report on Friday, July 19th. Piper Sandler upped their target price on South Plains Financial from $32.00 to $36.00 and gave the company an "overweight" rating in a report on Tuesday, July 23rd.

South Plains Financial Price Performance

The company has a 50-day moving average of $33.38 and a two-hundred day moving average of $29.69. The stock has a market capitalization of $559.56 million, a PE ratio of 9.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings data on Thursday, July 18th. The company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.10. The company had revenue of $71.92 million for the quarter, compared to the consensus estimate of $46.50 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same period last year, the business posted $0.55 EPS. Sell-side analysts predict that South Plains Financial, Inc. will post 2.56 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, October 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.76%. This is a positive change from South Plains Financial's previous quarterly dividend of $0.14. South Plains Financial's dividend payout ratio (DPR) is 16.04%.

Insider Activity

In related news, Director Noe G. Valles bought 50,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the director now owns 336,437 shares in the company, valued at $10,093,110. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other South Plains Financial news, Director Noe G. Valles acquired 50,000 shares of the stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the director now directly owns 336,437 shares in the company, valued at $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Curtis C. Griffith sold 9,591 shares of the firm's stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $30.10, for a total value of $288,689.10. Following the sale, the chief executive officer now owns 987,307 shares of the company's stock, valued at approximately $29,717,940.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 25.39% of the company's stock.

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds have recently bought and sold shares of the business. Creative Planning acquired a new stake in South Plains Financial during the 3rd quarter valued at approximately $504,000. SG Americas Securities LLC acquired a new position in shares of South Plains Financial in the 3rd quarter worth approximately $149,000. Prospector Partners LLC grew its position in shares of South Plains Financial by 6.6% in the 2nd quarter. Prospector Partners LLC now owns 33,340 shares of the company's stock worth $900,000 after acquiring an additional 2,050 shares in the last quarter. Salzhauer Michael grew its position in shares of South Plains Financial by 87.1% in the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company's stock worth $505,000 after acquiring an additional 8,708 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of South Plains Financial by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company's stock worth $9,837,000 after acquiring an additional 30,665 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company's stock.

South Plains Financial Company Profile

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.