South Plains Financial (NASDAQ:SPFI) Sees Large Volume Increase – Here’s What Happened

South Plains Financial, Inc. (NASDAQ:SPFI) saw an uptick in trading volume on Monday . 77,312 shares changed hands during trading, an increase of 35% from the previous session’s volume of 57,170 shares.The stock last traded at $39.40 and had previously closed at $39.65.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SPFI shares. Keefe, Bruyette & Woods boosted 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 note on Friday, December 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. Zacks Research lowered shares of South Plains Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Hovde Group raised their price target on shares of South Plains Financial from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, Piper Sandler lowered South Plains Financial from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $44.00 to $41.00 in a research report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, South Plains Financial currently has an average rating of “Moderate Buy” and a consensus target price of $44.25.

South Plains Financial Trading Up 0.3%

The firm has a market capitalization of $644.88 million, a price-to-earnings ratio of 11.34 and a beta of 0.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day moving average price of $38.29 and a 200-day moving average price of $38.38.

South Plains Financial (NASDAQ:SPFI) last posted its earnings results on Thursday, October 23rd. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.09. South Plains Financial had a return on equity of 13.16% and a net margin of 20.09%.The firm had revenue of $54.18 million during the quarter, compared to analysts’ expectations of $54.07 million. As a group, research analysts forecast that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, October 27th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, October 27th. South Plains Financial’s dividend payout ratio is currently 18.29%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new position in shares of South Plains Financial during the third quarter worth approximately $25,000. Raymond James Financial Inc. purchased a new stake in South Plains Financial in the 2nd quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in South Plains Financial during the 3rd quarter worth $57,000. CWM LLC boosted its stake in South Plains Financial by 44.8% during the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after purchasing an additional 519 shares during the period. Finally, Quarry LP purchased a new position in South Plains Financial during the 3rd quarter worth $60,000. Institutional investors and hedge funds own 54.95% of the company’s stock.

About South Plains Financial

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.