South Plains Financial (NASDAQ:SPFI) Sees Unusually-High Trading Volume After Strong Earnings

South Plains Financial, Inc. (NASDAQ:SPFIGet Free Report) saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 19,041 shares traded hands 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 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 company posted $0.61 earnings per share.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $0.60 annualized dividend and a yield of 1.63%. South Plains Financial’s dividend payout ratio (DPR) is presently 23.35%.

Analyst Ratings Changes

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

View Our Latest Report on SPFI

Insider Transactions at South Plains Financial

In other news, CEO Curtis C. Griffith sold 50,000 shares of the business’s stock in a transaction dated 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 directly owns 865,967 shares in the company, valued at $29,009,894.50. The trade was a 5.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 25.39% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds have recently bought and sold shares of the company. US Bancorp DE acquired a new position in South Plains Financial during the third quarter worth approximately $36,000. FMR LLC boosted its stake in shares of South Plains Financial by 39.3% during the 3rd quarter. FMR LLC now owns 1,397 shares of the company’s stock worth $47,000 after acquiring an additional 394 shares during the period. SG Americas Securities LLC acquired a new position in shares of South Plains Financial during the 3rd quarter worth approximately $149,000. BNP Paribas Financial Markets raised its stake in South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after acquiring an additional 1,891 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in South Plains Financial by 20.9% in the 3rd 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 during the period. 54.95% of the stock is currently owned by institutional investors and hedge funds.

South Plains Financial Stock Up 5.4 %

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

About South Plains Financial

(Get Free Report)

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.

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