South Plains Financial (NASDAQ:SPFI) PT Raised to $36.00 at Piper Sandler

South Plains Financial (NASDAQ:SPFI) had its price objective boosted by stock analysts at Piper Sandler from $32.00 to $36.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 9.49% from the stock’s previous close.

Separately, Hovde Group upped their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th.

South Plains Financial Stock Performance

Shares of SPFI opened at $32.88 on Tuesday. The firm has a market cap of $539.86 million, a price-to-earnings ratio of 8.79 and a beta of 0.59. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $27.56 and its two-hundred day moving average is $26.86. South Plains Financial has a 52-week low of $23.75 and a 52-week high of $33.85.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Thursday, July 18th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.56 by $0.10. South Plains Financial had a return on equity of 11.58% and a net margin of 16.53%. The company had revenue of $71.92 million during the quarter, compared to analyst estimates of $46.50 million. During the same quarter last year, the firm earned $0.55 EPS. Analysts forecast that South Plains Financial will post 2.44 EPS for the current fiscal year.

Insider Activity

In other South Plains Financial news, CEO Curtis C. Griffith sold 7,830 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $26.12, for a total value of $204,519.60. Following the transaction, the chief executive officer now owns 1,055,967 shares of the company’s stock, valued at $27,581,858.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 25.39% of the company’s stock.

Institutional Trading of South Plains Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its holdings in shares of South Plains Financial by 22.8% during the fourth quarter. SG Americas Securities LLC now owns 6,628 shares of the company’s stock worth $192,000 after purchasing an additional 1,230 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of South Plains Financial by 35.1% during the 4th quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock valued at $361,000 after acquiring an additional 3,236 shares in the last quarter. Empowered Funds LLC increased its stake in shares of South Plains Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock worth $2,547,000 after acquiring an additional 7,175 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of South Plains Financial by 3.8% during the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock worth $5,595,000 after acquiring an additional 7,562 shares in the last quarter. Finally, Salzhauer Michael acquired a new stake in South Plains Financial during the first quarter valued at $268,000. Institutional investors and hedge funds own 54.95% of the company’s stock.

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, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.