South Plains Financial (NASDAQ:SPFI) Sets New 12-Month High – Still a Buy?

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $37.24 and last traded at $37.24, with a volume of 1220 shares changing hands. The stock had previously closed at $34.46.

Wall Street Analyst Weigh In

SPFI has been the subject of several research reports. Hovde Group lifted their price objective on South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Piper Sandler lifted their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd.

South Plains Financial Price Performance

The stock has a market capitalization of $639.21 million, a PE ratio of 13.41 and a beta of 0.58. 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’s 50 day simple moving average is $33.67 and its 200 day simple moving average is $30.38.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. South Plains Financial had a net margin of 15.51% and a return on equity of 10.59%. The firm had revenue of $72.28 million during the quarter, compared to analysts’ expectations of $48.90 million. During the same period in the prior year, the company earned $0.78 EPS. On average, equities analysts anticipate that South Plains Financial, Inc. will post 2.62 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, October 28th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Monday, October 28th. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio is currently 23.35%.

Insider Activity at South Plains Financial

In other news, Director Noe G. Valles bought 50,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 336,437 shares in the company, valued at approximately $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 this link. Insiders own 25.39% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE acquired a new position in South Plains Financial in the 3rd quarter valued at $36,000. SG Americas Securities LLC bought a new position in shares of South Plains Financial during the 3rd quarter worth about $149,000. BNP Paribas Financial Markets lifted its holdings in shares of South Plains Financial by 45.1% during the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock worth $484,000 after acquiring an additional 5,624 shares during the period. Creative Planning bought a new position in shares of South Plains Financial in the third quarter valued at approximately $504,000. Finally, Salzhauer Michael increased its holdings in South Plains Financial by 87.1% during the 2nd 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. Hedge funds and other institutional investors 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.