South Plains Financial (NASDAQ:SPFI) Sets New 1-Year High at $34.41

South Plains Financial, Inc. (NASDAQ:SPFI) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $34.41 and last traded at $34.41, with a volume of 28633 shares trading hands. The stock had previously closed at $32.88.

Analysts Set New Price Targets

A number of research firms have recently commented on SPFI. Hovde Group upped their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Piper Sandler upped their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd.

South Plains Financial Stock Performance

The business has a 50-day moving average of $29.86 and a two-hundred day moving average of $27.49. 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 company has a market cap of $560.87 million, a P/E ratio of 9.13 and a beta of 0.59.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.10. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. The business had revenue of $71.92 million for the quarter, compared to analysts’ expectations of $46.50 million. During the same period last year, the business earned $0.55 EPS. On average, sell-side analysts predict that South Plains Financial, Inc. will post 2.52 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Monday, July 29th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, July 29th. South Plains Financial’s payout ratio is presently 14.97%.

Insider Transactions at South Plains Financial

In other South Plains Financial news, Director Noe G. Valles bought 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $30.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the director now directly owns 336,437 shares in the company, valued at $10,093,110. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Noe G. Valles acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the transaction, the director now directly owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Curtis C. Griffith sold 9,591 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $30.10, for a total transaction of $288,689.10. Following the sale, the chief executive officer now directly owns 987,307 shares in the company, valued at approximately $29,717,940.70. The disclosure for this sale can be found here. Insiders sold 19,020 shares of company stock valued at $542,778 in the last quarter. 25.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On South Plains Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in shares of South Plains Financial by 35.1% in the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock valued at $361,000 after purchasing an additional 3,236 shares during the period. Acadian Asset Management LLC increased its holdings in South Plains Financial by 3.8% in the 1st quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock worth $5,595,000 after buying an additional 7,562 shares during the period. Vanguard Group Inc. increased its holdings in South Plains Financial by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock worth $14,497,000 after buying an additional 12,196 shares during the period. Empowered Funds LLC raised its position in South Plains Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock worth $2,547,000 after buying an additional 7,175 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in South Plains Financial by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after acquiring an additional 30,665 shares during the period. Hedge funds and other 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.