South Plains Financial (NASDAQ:SPFI) Stock Price Expected to Rise, Hovde Group Analyst Says

South Plains Financial (NASDAQ:SPFI - Free Report) had its target price increased by Hovde Group from $46.00 to $47.00 in a research note published on Monday morning, MarketBeat.com reports. Hovde Group currently has an outperform rating on the stock.

South Plains Financial Trading Down 0.3 %

SPFI traded down $0.12 on Monday, hitting $36.63. 51,964 shares of the company were exchanged, compared to its average volume of 35,938. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a fifty day simple moving average of $36.47 and a two-hundred day simple moving average of $34.52. The stock has a market capitalization of $600.37 million, a PE ratio of 14.25 and a beta of 0.62. South Plains Financial has a 12 month low of $24.05 and a 12 month high of $40.90.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its earnings results on Friday, January 24th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same period in the prior year, the business earned $0.61 EPS. Sell-side analysts expect that South Plains Financial will post 2.62 earnings per share for the current year.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, February 3rd will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 1.64%. South Plains Financial's dividend payout ratio is presently 23.35%.

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $33.50, for a total value of $1,675,000.00. Following the completion of the transaction, the chief executive officer now owns 865,967 shares in the company, valued at approximately $29,009,894.50. This represents a 5.46 % decrease 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 link. 25.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On South Plains Financial

A number of institutional investors and hedge funds have recently made changes to their positions in SPFI. US Bancorp DE bought a new stake in South Plains Financial in the third quarter worth $36,000. FMR LLC increased its stake in South Plains Financial by 39.3% during the 3rd quarter. FMR LLC now owns 1,397 shares of the company's stock valued at $47,000 after purchasing an additional 394 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of South Plains Financial in the third quarter worth approximately $149,000. BNP Paribas Financial Markets grew its holdings in shares of South Plains Financial by 72.4% during the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company's stock valued at $153,000 after buying an additional 1,891 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of South Plains Financial by 20.9% during the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company's stock valued at $157,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 54.95% of the company's stock.

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.