South Plains Financial (NASDAQ:SPFI) Releases Earnings Results, Beats Expectations By $0.01 EPS

South Plains Financial (NASDAQ:SPFI) issued its quarterly earnings results on Wednesday. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01, Yahoo Finance reports. The firm had revenue of $72.28 million during the quarter, compared to the consensus estimate of $48.90 million. South Plains Financial had a return on equity of 11.42% and a net margin of 16.53%. During the same period last year, the company earned $0.78 earnings per share.

South Plains Financial Stock Performance

South Plains Financial stock traded down $0.32 during midday trading on Friday, reaching $33.48. 24,794 shares of the company traded hands, compared to its average volume of 35,585. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91. South Plains Financial has a 12 month low of $24.05 and a 12 month high of $35.61. The firm has a market capitalization of $549.71 million, a price-to-earnings ratio of 9.08 and a beta of 0.58. The business has a 50 day moving average of $33.54 and a two-hundred day moving average of $29.81.

South Plains Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.79%. This is a boost from South Plains Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, October 28th. South Plains Financial’s payout ratio is presently 16.04%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Hovde Group increased their price target on shares of South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Friday.

Insider Buying and Selling at South Plains Financial

In other news, CEO Curtis C. Griffith sold 1,599 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total transaction of $49,569.00. Following the transaction, the chief executive officer now directly owns 996,898 shares of the company’s stock, valued at $30,903,838. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Curtis C. Griffith sold 1,599 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $31.00, for a total transaction of $49,569.00. Following the completion of the sale, the chief executive officer now owns 996,898 shares of the company’s stock, valued at $30,903,838. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Noe G. Valles acquired 50,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the director now directly owns 336,437 shares in the company, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 25.39% 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.