South Plains Financial (NASDAQ:SPFI) Reaches New 52-Week High – Should You Buy?

South Plains Financial, Inc. (NASDAQ:SPFI) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $35.00 and last traded at $35.00, with a volume of 25754 shares changing hands. The stock had previously closed at $34.09.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price target on South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Hovde Group lifted their price objective on South Plains Financial from $32.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, July 19th.

South Plains Financial Stock Up 1.3 %

The firm’s 50-day moving average is $32.95 and its 200 day moving average is $29.37. The firm has a market capitalization of $566.78 million, a P/E ratio of 9.23 and a beta of 0.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.91 and a current ratio of 0.92.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $71.92 million for the quarter, compared to analyst estimates of $46.50 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same quarter in the previous year, the firm earned $0.55 EPS. As a group, equities research analysts predict that South Plains Financial, Inc. will post 2.56 EPS for the current fiscal year.

South Plains Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 12th. Shareholders of record on Monday, July 29th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Monday, July 29th. South Plains Financial’s dividend payout ratio is 14.97%.

Insider Transactions at South Plains Financial

In other news, Director Noe G. Valles purchased 50,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the acquisition, the director now owns 336,437 shares in the company, valued at approximately $10,093,110. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 1,599 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total transaction of $49,569.00. Following the transaction, the chief executive officer now directly owns 996,898 shares in the company, valued at approximately $30,903,838. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noe G. Valles purchased 50,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the purchase, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Creative Planning purchased a new position in South Plains Financial in the third quarter worth $504,000. SG Americas Securities LLC bought a new stake in shares of South Plains Financial during the third quarter valued at about $149,000. Prospector Partners LLC raised its position in shares of South Plains Financial by 6.6% in the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock worth $900,000 after buying an additional 2,050 shares in the last quarter. Salzhauer Michael raised its stake in South Plains Financial by 87.1% in the second quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock valued at $505,000 after purchasing an additional 8,708 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in South Plains Financial by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock worth $9,837,000 after purchasing an additional 30,665 shares during the last quarter. 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.