South Plains Financial (NASDAQ:SPFI) Posts Earnings Results

South Plains Financial (NASDAQ:SPFI) announced its quarterly earnings results on Thursday. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07, Zacks reports. South Plains Financial had a net margin of 20.79% and a return on equity of 12.36%. The company had revenue of $65.27 million for the quarter, compared to analyst estimates of $65.22 million.

South Plains Financial Stock Up 1.2%

NASDAQ:SPFI traded up $0.53 on Thursday, reaching $43.93. The stock had a trading volume of 126,887 shares, compared to its average volume of 113,987. The company has a 50-day moving average of $43.74 and a 200 day moving average of $42.92. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The stock has a market cap of $827.64 million, a P/E ratio of 11.97 and a beta of 0.49. South Plains Financial has a 12-month low of $35.34 and a 12-month high of $46.94.

Insider Transactions at South Plains Financial

In other news, Director Richard Campbell sold 27,286 shares of South Plains Financial stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $45.14, for a total transaction of $1,231,690.04. Following the sale, the director directly owned 1,384,969 shares of the company’s stock, valued at approximately $62,517,500.66. The trade was a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Stein sold 100,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total value of $4,454,000.00. Following the completion of the transaction, the director owned 242,872 shares in the company, valued at approximately $10,817,518.88. This trade represents a 29.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 260,000 shares of company stock worth $11,624,642. Corporate insiders own 24.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPFI. Weiss Ratings reiterated a “buy (b+)” rating on shares of South Plains Financial in a report on Friday, September 25th. Benchmark restated a “buy” rating on shares of South Plains Financial in a research note on Monday, July 20th. Raymond James Financial restated an “outperform” rating and issued a $50.00 price objective on shares of South Plains Financial in a report on Monday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research note on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, South Plains Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.60.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.