South Plains Financial (NASDAQ:SPFI) Given New $32.00 Price Target at Hovde Group

South Plains Financial (NASDAQ:SPFI) had its price objective cut by Hovde Group from $34.00 to $32.00 in a report issued on Friday, MarketBeat.com reports. They currently have an outperform rating on the stock.

Separately, Raymond James increased their price target on shares of South Plains Financial from $28.00 to $31.00 and gave the stock an outperform rating in a research note on Monday, January 29th.

South Plains Financial Stock Performance

South Plains Financial stock opened at $25.93 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $426.03 million, a PE ratio of 6.93 and a beta of 0.56. The firm has a fifty day simple moving average of $25.84 and a two-hundred day simple moving average of $26.85. South Plains Financial has a twelve month low of $18.75 and a twelve month high of $30.22.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Friday, January 26th. The company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.04). The firm had revenue of $66.38 million for the quarter, compared to the consensus estimate of $47.25 million. South Plains Financial had a net margin of 21.23% and a return on equity of 11.32%. During the same period last year, the company posted $0.71 earnings per share. Research analysts expect that South Plains Financial will post 2.4 EPS for the current year.

South Plains Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 13th. Shareholders of record on Monday, April 29th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, April 26th. South Plains Financial’s dividend payout ratio (DPR) is presently 13.90%.

Insiders Place Their Bets

In other South Plains Financial news, Director Noe G. Valles acquired 30,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were acquired at an average price of $27.00 per share, for a total transaction of $810,000.00. Following the completion of the acquisition, the director now owns 195,512 shares in the company, valued at $5,278,824. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Noe G. Valles purchased 30,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, February 6th. The stock was bought at an average price of $27.00 per share, with a total value of $810,000.00. Following the completion of the transaction, the director now directly owns 195,512 shares of the company’s stock, valued at $5,278,824. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Curtis C. Griffith sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.75, for a total transaction of $2,475,000.00. Following the sale, the chief executive officer now directly owns 1,103,797 shares of the company’s stock, valued at approximately $27,318,975.75. The disclosure for this sale can be found here. Corporate insiders own 25.39% of the company’s stock.

Institutional Investors Weigh In On South Plains Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new stake in shares of South Plains Financial during the third quarter valued at approximately $2,658,000. Citigroup Inc. increased its position in shares of South Plains Financial by 85.7% during the third quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock valued at $521,000 after acquiring an additional 9,090 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. bought a new stake in South Plains Financial in the 4th quarter worth approximately $2,444,000. Panagora Asset Management Inc. grew its position in South Plains Financial by 47.1% in the 3rd quarter. Panagora Asset Management Inc. now owns 36,646 shares of the company’s stock worth $969,000 after purchasing an additional 11,730 shares during the period. Finally, SG Americas Securities LLC grew its position in South Plains Financial by 22.8% in the 4th quarter. SG Americas Securities LLC now owns 6,628 shares of the company’s stock worth $192,000 after purchasing an additional 1,230 shares during the period. Institutional investors own 54.95% of the company’s stock.

About South Plains Financial

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.