South Plains Financial (NASDAQ:SPFI) Issues Earnings Results, Beats Estimates By $0.01 EPS

South Plains Financial (NASDAQ:SPFI) posted its quarterly earnings results on Wednesday. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01, Yahoo Finance reports. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. The firm had revenue of $72.28 million for the quarter, compared to analyst estimates of $48.90 million. During the same period in the prior year, the firm posted $0.78 earnings per share.

South Plains Financial Stock Performance

Shares of SPFI stock traded down $0.32 during midday trading on Friday, hitting $33.48. 24,794 shares of the company were exchanged, compared to its average volume of 35,585. The firm has a market capitalization of $549.71 million, a P/E ratio of 9.08 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 has a 52 week low of $24.05 and a 52 week high of $35.61. The firm’s 50 day moving average price is $33.54 and its two-hundred day moving average price is $29.81.

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Monday, October 28th. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio (DPR) is currently 16.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SPFI shares. Hovde Group upped their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler upped their price objective 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.

Insider Buying and Selling at South Plains Financial

In other news, Director Noe G. Valles bought 50,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, the director now owns 336,437 shares of the company’s stock, valued at $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other South Plains Financial news, CEO Curtis C. Griffith sold 9,591 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $30.10, for a total value of $288,689.10. Following the transaction, the chief executive officer now directly owns 987,307 shares of the company’s stock, valued at $29,717,940.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Noe G. Valles acquired 50,000 shares of the stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 25.39% 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.