South Plains Financial, Inc. (NASDAQ:SPFI) to Issue Dividend Increase - $0.15 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) announced a quarterly dividend on Thursday, October 17th, Zacks reports. Shareholders of record on Monday, October 28th will be paid a dividend of 0.15 per share on Tuesday, November 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Monday, October 28th. This is an increase from South Plains Financial's previous quarterly dividend of $0.14.

South Plains Financial has increased its dividend payment by an average of 54.9% per year over the last three years. South Plains Financial has a payout ratio of 20.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect South Plains Financial to earn $2.74 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 20.4%.

South Plains Financial Stock Up 0.1 %

Shares of South Plains Financial stock traded up $0.02 during trading on Friday, hitting $35.21. 25,417 shares of the stock were exchanged, compared to its average volume of 35,868. The stock has a market cap of $578.11 million, a price-to-earnings ratio of 9.41 and a beta of 0.58. The firm's 50-day moving average price is $33.31 and its 200 day moving average price is $29.57. 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 has a 12-month low of $24.05 and a 12-month high of $35.49.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SPFI. Piper Sandler upped their price target on South Plains Financial from $32.00 to $36.00 and gave the company an "overweight" rating in a report on Tuesday, July 23rd. Hovde Group increased their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the company an "outperform" rating in a research report on Friday, July 19th.

Insiders Place Their Bets

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

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.