South Plains Financial (NASDAQ:SPFI) Announces Quarterly Earnings Results

South Plains Financial (NASDAQ:SPFI) announced its quarterly earnings results on Wednesday. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $72.28 million for the quarter, compared to analysts’ expectations of $48.90 million. During the same period last year, the firm posted $0.78 earnings per share.

South Plains Financial Stock Down 0.9 %

SPFI stock traded down $0.32 during trading hours on Friday, reaching $33.48. 24,794 shares of the stock were exchanged, compared to its average volume of 35,585. The company has a market cap of $549.71 million, a price-to-earnings ratio of 9.08 and a beta of 0.58. The firm’s 50-day moving average is $33.54 and its 200-day moving average is $29.81. South Plains Financial has a 12 month low of $24.05 and a 12 month high of $35.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91.

South Plains Financial Increases Dividend

The business 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 $0.15 dividend. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, October 28th. South Plains Financial’s payout ratio is currently 16.04%.

Insider Transactions at South Plains Financial

In other 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 acquired at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the transaction, the director now owns 336,437 shares in the company, valued at $10,093,110. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock was acquired 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 in the company, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Curtis C. Griffith sold 1,599 shares of South Plains Financial stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $31.00, for a total transaction of $49,569.00. Following the completion of the sale, the chief executive officer now owns 996,898 shares in the company, valued at $30,903,838. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SPFI shares. Hovde Group lifted their target price on South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler lifted their price objective on South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd.

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.