South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) declared a quarterly dividend on Thursday, October 17th, Zacks reports. Investors of record on Monday, October 28th will be given a dividend of 0.15 per share on Tuesday, November 12th. 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 has increased its dividend by an average of 54.9% per year over the last three years. South Plains Financial has a dividend payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. Analysts expect South Plains Financial to earn $2.74 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 21.9%.
South Plains Financial Stock Down 0.9 %
SPFI opened at $33.48 on Friday. South Plains Financial has a 1-year low of $24.05 and a 1-year high of $35.61. The firm’s 50 day simple moving average is $33.56 and its two-hundred day simple moving average is $29.87. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $549.71 million, a PE ratio of 8.95 and a beta of 0.58.
Insider Transactions at South Plains Financial
In other South Plains Financial news, Director Noe G. Valles bought 50,000 shares of the firm’s stock in a transaction that occurred on 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 purchase, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Noe G. Valles bought 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the director now owns 336,437 shares in the company, valued at $10,093,110. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Curtis C. Griffith sold 9,591 shares of South Plains Financial stock in a transaction on Monday, August 5th. The shares were sold at an average price of $30.10, for a total transaction of $288,689.10. Following the completion of the sale, the chief executive officer now owns 987,307 shares in the company, valued at approximately $29,717,940.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 25.39% of the company’s stock.
Analyst Ratings Changes
Several research firms recently issued reports on SPFI. Piper Sandler increased their target price on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Hovde Group increased their price objective on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday.
Check Out Our Latest Stock Analysis on SPFI
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.
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