Hovde Group Boosts South Plains Financial (NASDAQ:SPFI) Price Target to $41.00

South Plains Financial (NASDAQ:SPFI - Free Report) had its price target increased by Hovde Group from $36.00 to $41.00 in a report published on Friday morning, MarketBeat.com reports. Hovde Group currently has an outperform rating on the stock.

Separately, Piper Sandler boosted their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 23rd.

South Plains Financial Stock Down 0.9 %

SPFI traded down $0.32 during trading hours on Friday, hitting $33.48. 24,794 shares of the company's stock were exchanged, compared to its average volume of 35,585. The stock has a market cap of $549.71 million, a price-to-earnings ratio of 9.08 and a beta of 0.58. South Plains Financial has a 1-year low of $24.05 and a 1-year high of $35.61. The stock's 50-day moving average is $33.54 and its two-hundred day moving average is $29.81. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.26.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. The company had revenue of $72.28 million during the quarter, compared to the consensus estimate of $48.90 million. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. During the same period in the prior year, the business posted $0.78 EPS. Sell-side analysts predict that South Plains Financial will post 2.56 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, October 28th. This is a positive change from South Plains Financial's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 1.79%. South Plains Financial's payout ratio is currently 16.04%.

Insider Activity at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total transaction of $49,569.00. Following the transaction, the chief executive officer now owns 996,898 shares of the company's stock, valued at $30,903,838. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the firm's stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total transaction of $49,569.00. Following the completion of the sale, the chief executive officer now owns 996,898 shares of the company's stock, valued at $30,903,838. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Curtis C. Griffith sold 9,591 shares of South Plains Financial stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $30.10, for a total transaction of $288,689.10. Following the sale, the chief executive officer now directly owns 987,307 shares of the company's stock, valued at $29,717,940.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 25.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On South Plains Financial

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in shares of South Plains Financial during the 3rd quarter worth approximately $149,000. BNP Paribas Financial Markets grew its position in South Plains Financial by 45.1% during the first quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company's stock worth $484,000 after buying an additional 5,624 shares in the last quarter. Creative Planning bought a new stake in shares of South Plains Financial during the 3rd quarter valued at $504,000. Salzhauer Michael grew its holdings in shares of South Plains Financial by 87.1% during the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company's stock worth $505,000 after purchasing an additional 8,708 shares in the last quarter. Finally, Prospector Partners LLC grew its holdings in shares of South Plains Financial by 6.6% during the 2nd quarter. Prospector Partners LLC now owns 33,340 shares of the company's stock worth $900,000 after purchasing an additional 2,050 shares in the last quarter. 54.95% of the stock is owned by institutional investors.

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.