South Plains Financial, Inc. (SPFI) To Go Ex-Dividend on February 2nd

South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly dividend on Thursday, January 22nd. Shareholders of record on Monday, February 2nd will be paid a dividend of 0.17 per share on Tuesday, February 17th. This represents a c) annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, February 2nd. This is a 6.3% increase from South Plains Financial’s previous quarterly dividend of $0.16.

South Plains Financial has raised its dividend by an average of 0.6%annually over the last three years and has raised its dividend every year for the last 5 years. South Plains Financial has a dividend payout ratio of 20.2% meaning its dividend is sufficiently covered by earnings. Analysts expect South Plains Financial to earn $3.28 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 20.7%.

South Plains Financial Stock Up 1.9%

South Plains Financial stock opened at $41.66 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. South Plains Financial has a one year low of $30.01 and a one year high of $43.90. The company has a 50-day simple moving average of $39.77 and a 200-day simple moving average of $39.01. The firm has a market capitalization of $676.89 million, a P/E ratio of 12.11 and a beta of 0.60.

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

Analysts Set New Price Targets

Several research firms have issued reports on SPFI. Keefe, Bruyette & Woods lifted their price target on shares of South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Piper Sandler reiterated a “neutral” rating and issued a $45.00 target price on shares of South Plains Financial in a report on Tuesday. Zacks Research upgraded South Plains Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Hovde Group increased their price target on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $46.00.

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.