Keefe, Bruyette & Woods Reaffirms Outperform Rating for South Plains Financial (NASDAQ:SPFI)

South Plains Financial (NASDAQ:SPFI)‘s stock had its “outperform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a research note issued on Monday,Benzinga reports. They presently have a $50.00 price target on the stock, up from their previous price target of $48.00. Keefe, Bruyette & Woods’ price objective points to a potential upside of 8.75% from the stock’s current price.

A number of other equities analysts have also weighed in on SPFI. Weiss Ratings raised South Plains Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a report on Monday. Piper Sandler dropped their target price on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Wall Street Zen raised shares of South Plains Financial from a “sell” rating to a “hold” rating in a report on Sunday, May 10th. Finally, Zacks Research cut South Plains Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, March 27th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.60.

South Plains Financial Stock Up 0.0%

Shares of SPFI opened at $45.98 on Monday. The stock’s 50-day moving average price is $41.46 and its two-hundred day moving average price is $41.59. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $880.42 million, a PE ratio of 12.64 and a beta of 0.46. South Plains Financial has a 12 month low of $35.34 and a 12 month high of $46.94.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Friday, July 17th. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. South Plains Financial had a net margin of 20.79% and a return on equity of 13.23%. The company had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. On average, analysts anticipate that South Plains Financial will post 3.79 EPS for the current year.

Insider Activity at South Plains Financial

In other South Plains Financial news, Director James D. Stein sold 1,560 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $40.07, for a total value of $62,509.20. Following the completion of the transaction, the director directly owned 342,872 shares in the company, valued at $13,738,881.04. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 30,000 shares of company stock valued at $1,204,340. Corporate insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SPFI. Royal Bank of Canada lifted its stake in South Plains Financial by 71.2% in the 1st quarter. Royal Bank of Canada now owns 642 shares of the company’s stock worth $27,000 after purchasing an additional 267 shares in the last quarter. Raymond James Financial Inc. purchased a new position in South Plains Financial during the 2nd quarter valued at approximately $32,000. State of Alaska Department of Revenue raised its holdings in shares of South Plains Financial by 138.8% during the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock worth $60,000 after acquiring an additional 913 shares in the last quarter. Quarry LP purchased a new stake in South Plains Financial during the third quarter valued at $60,000. Finally, BNP Paribas Financial Markets lifted its position 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 valued at $93,000 after purchasing an additional 258 shares during the last quarter. Institutional investors own 54.95% of the company’s stock.

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.