South Plains Financial's (SPFI) "Outperform" Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of South Plains Financial (NASDAQ:SPFI - Free Report) in a report released on Monday,Benzinga reports. The brokerage currently has a $45.00 price target on the stock, down from their prior price target of $46.00.

Separately, Hovde Group increased their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday.

South Plains Financial Stock Down 0.3 %

NASDAQ:SPFI traded down $0.12 on Monday, reaching $36.63. The stock had a trading volume of 51,964 shares, compared to its average volume of 36,179. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $36.47 and a 200 day moving average of $34.52. The stock has a market cap of $600.37 million, a P/E 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 quarterly 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 quarter in the previous year, the business earned $0.61 EPS. On average, research analysts predict that South Plains Financial will post 2.62 earnings per share for the current year.

South Plains Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd will be issued a $0.15 dividend. The ex-dividend date 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 currently 23.35%.

Insiders Place Their Bets

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the firm's stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total value 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. This trade represents a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 25.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On South Plains Financial

Several large investors have recently made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new stake in shares of South Plains Financial in the fourth quarter valued at approximately $282,000. SG Americas Securities LLC increased its stake in shares of South Plains Financial by 26.8% in the fourth quarter. SG Americas Securities LLC now owns 5,556 shares of the company's stock valued at $193,000 after purchasing an additional 1,175 shares during the period. JPMorgan Chase & Co. increased its stake in shares of South Plains Financial by 200.1% in 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 during the period. Franklin Resources Inc. acquired a new stake in shares of South Plains Financial in the third quarter valued at approximately $223,000. Finally, Geode Capital Management LLC increased its stake in shares of South Plains Financial by 2.4% in the third quarter. Geode Capital Management LLC now owns 272,574 shares of the company's stock valued at $9,248,000 after purchasing an additional 6,292 shares during the period. Institutional investors and hedge funds own 54.95% of the company's stock.

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.