South Plains Financial (NASDAQ:SPFI) Sees Large Volume Increase on Earnings Beat

Shares of South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 19,041 shares were traded during trading, a decline of 42% from the previous session's volume of 32,573 shares.The stock last traded at $36.13 and had previously closed at $34.88.

The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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.

South Plains Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, February 3rd will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Monday, February 3rd. South Plains Financial's payout ratio is 23.35%.

Analyst Ratings Changes

Separately, Hovde Group raised their price objective on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an "outperform" rating in a report on Friday, October 25th.

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the transaction, the chief executive officer now owns 865,967 shares of the company's stock, valued at $29,009,894.50. The trade was a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 25.39% of the company's stock.

Hedge Funds Weigh In On South Plains Financial

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in South Plains Financial by 200.1% during the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company's stock valued at $5,962,000 after purchasing an additional 117,207 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of South Plains Financial in the third quarter worth $223,000. Creative Planning purchased a new position in shares of South Plains Financial in the third quarter worth $504,000. BNP Paribas Financial Markets lifted its holdings in shares of South Plains Financial by 72.4% in the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company's stock worth $153,000 after buying an additional 1,891 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of South Plains Financial by 4.7% in the third quarter. State Street Corp now owns 274,701 shares of the company's stock worth $9,318,000 after buying an additional 12,271 shares in the last quarter. Hedge funds and other institutional investors own 54.95% of the company's stock.

South Plains Financial Price Performance

The firm's fifty day moving average price is $36.52 and its 200 day moving average price is $34.35. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $602.33 million, a PE ratio of 14.30 and a beta of 0.62.

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.