South Plains Financial (NASDAQ:SPFI) Posts Earnings Results, Beats Estimates By $0.01 EPS

South Plains Financial (NASDAQ:SPFI - Get Free Report) issued its earnings results on Wednesday. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.01, Yahoo Finance reports. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. The firm had revenue of $72.28 million for the quarter, compared to analyst estimates of $48.90 million. During the same period last year, the company earned $0.78 earnings per share.

South Plains Financial Price Performance

Shares of NASDAQ:SPFI traded down $0.32 on Friday, reaching $33.48. 24,794 shares of the company traded hands, compared to its average volume of 35,585. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market capitalization of $549.71 million, a PE ratio of 8.95 and a beta of 0.58. The company's 50 day moving average is $33.56 and its 200-day moving average is $29.87. South Plains Financial has a fifty-two week low of $24.05 and a fifty-two week high of $35.61.

South Plains Financial Increases Dividend

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

Insider Transactions at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the firm's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $31.00, for a total value of $49,569.00. Following the completion of the transaction, the chief executive officer now directly owns 996,898 shares in the company, valued at $30,903,838. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Noe G. Valles purchased 50,000 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were acquired at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Curtis C. Griffith sold 1,599 shares of South Plains Financial stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $31.00, for a total value of $49,569.00. Following the sale, the chief executive officer now directly owns 996,898 shares of the company's stock, valued at approximately $30,903,838. 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 owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SPFI shares. Piper Sandler increased their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 23rd. Hovde Group raised their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday.

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.