South Plains Financial, Inc. (NASDAQ:SPFI) Raises Dividend to $0.18 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI) declared a quarterly dividend on Thursday, July 16th. Stockholders of record on Monday, July 27th will be given a dividend of 0.18 per share on Monday, August 10th. This represents a c) annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, July 27th. This is a 5.9% increase from South Plains Financial’s previous quarterly dividend of $0.17.

South Plains Financial has increased its dividend payment by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. South Plains Financial has a payout ratio of 20.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect South Plains Financial to earn $4.08 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 16.7%.

South Plains Financial Price Performance

SPFI stock opened at $44.25 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $847.39 million, a P/E ratio of 12.39 and a beta of 0.46. South Plains Financial has a 1 year low of $35.34 and a 1 year high of $45.09. The stock’s 50 day moving average price is $41.35 and its 200 day moving average price is $41.55.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings results on Friday, July 17th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.02. The company had revenue of $64.49 million during the quarter, compared to the consensus estimate of $63.34 million. South Plains Financial had a return on equity of 12.58% and a net margin of 20.22%. On average, sell-side analysts expect that South Plains Financial will post 3.79 earnings per share for the current fiscal year.

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.