South Plains Financial (NASDAQ:SPFI) Price Target Raised to $49.00

South Plains Financial (NASDAQ:SPFI) had its target price hoisted by Hovde Group from $47.00 to $49.00 in a report released on Tuesday, MarketBeat.com reports. The firm currently has an outperform rating on the stock.

Several other research firms have also weighed in on SPFI. Keefe, Bruyette & Woods raised their target price on South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Raymond James Financial increased their price objective on South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Weiss Ratings restated a “buy (b)” rating on shares of South Plains Financial in a report on Monday, December 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $45.00 target price on shares of South Plains Financial in a research report on Tuesday. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, South Plains Financial currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

South Plains Financial Price Performance

NASDAQ SPFI opened at $40.87 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $664.14 million, a PE ratio of 11.88 and a beta of 0.60. South Plains Financial has a 12-month low of $30.01 and a 12-month high of $43.90. The company has a 50 day moving average price of $39.70 and a two-hundred day moving average price of $38.98.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. South Plains Financial had a net margin of 19.69% and a return on equity of 12.75%. The business had revenue of $53.88 million for the quarter, compared to the consensus estimate of $54.11 million. As a group, equities analysts predict that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be given a $0.17 dividend. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, February 2nd. South Plains Financial’s dividend payout ratio (DPR) is currently 18.60%.

Hedge Funds Weigh In On South Plains Financial

Several large investors have recently bought and sold shares of SPFI. BNP Paribas Financial Markets grew its stake in South Plains Financial by 11.0% during the second quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company’s stock worth $93,000 after buying an additional 258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock worth $234,000 after acquiring an additional 312 shares during the last quarter. Teacher Retirement System of Texas grew its position in South Plains Financial by 3.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,368 shares of the company’s stock worth $374,000 after acquiring an additional 326 shares during the last quarter. Empowered Funds LLC increased its holdings in South Plains Financial by 0.4% during the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock valued at $2,956,000 after purchasing an additional 398 shares in the last quarter. Finally, Mariner LLC boosted its stake in South Plains Financial by 4.4% in the third quarter. Mariner LLC now owns 10,337 shares of the company’s stock worth $400,000 after purchasing an additional 434 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.

South Plains Financial Company Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.