South Plains Financial (NASDAQ:SPFI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $21.00 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 9.43% from the stock’s previous close.
According to Zacks, “South Plains Financial Inc. is the bank holding company for City Bank, a chartered bank. It provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company’s principal business activities include commercial and retail banking along with insurance, investment trust and mortgage services. South Plains Financial Inc. is headquartered in Lubbock, Texas. “
South Plains Financial stock opened at $19.19 on Tuesday. The company has a market capitalization of $346.55 million, a PE ratio of 8.88 and a beta of 0.64. South Plains Financial has a fifty-two week low of $11.30 and a fifty-two week high of $21.88. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.85 and a current ratio of 0.88. The company has a 50 day moving average price of $19.29 and a 200-day moving average price of $16.13.
Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in shares of South Plains Financial by 501.0% during the third quarter. BNP Paribas Arbitrage SA now owns 2,446 shares of the company’s stock worth $30,000 after purchasing an additional 2,039 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of South Plains Financial by 98.4% during the second quarter. Bank of America Corp DE now owns 3,974 shares of the company’s stock valued at $57,000 after buying an additional 1,971 shares during the last quarter. LSV Asset Management purchased a new stake in shares of South Plains Financial during the third quarter valued at $86,000. Sei Investments Co. purchased a new stake in shares of South Plains Financial during the second quarter valued at $135,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of South Plains Financial by 12.7% during the third quarter. JPMorgan Chase & Co. now owns 10,841 shares of the company’s stock valued at $130,000 after buying an additional 1,220 shares during the last quarter. 21.73% of the stock is currently owned by institutional investors and hedge funds.
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, Community Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.
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