Keefe, Bruyette & Woods Reaffirms Outperform Rating for South Plains Financial (NASDAQ:SPFI)

Key Points

• Keefe, Bruyette & Woods reaffirmed its Outperform rating on South Plains Financial and raised its price target to $50 from $48, implying about 8.75% upside.
• The stock has generally positive analyst support overall, with six Buy ratings and one Hold, giving it a Moderate Buy consensus and an average target price of $49.60.
• South Plains Financial recently reported better-than-expected quarterly results, posting EPS of $0.96 versus $0.94 expected and revenue of $64.49 million versus $63.34 million expected.

South Plains Financial (NASDAQ:SPFI - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Keefe, Bruyette & Woods in a report released on Monday,Benzinga reports. They presently have a $50.00 target price on the stock, up from their previous target price of $48.00. Keefe, Bruyette & Woods' target price suggests a potential upside of 8.75% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on SPFI. Zacks Research cut shares of South Plains Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, March 27th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price target on shares of South Plains Financial in a report on Monday. Benchmark reaffirmed a "buy" rating on shares of South Plains Financial in a report on Monday. Weiss Ratings raised shares of South Plains Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Finally, Wall Street Zen raised South Plains Financial from a "sell" rating to a "hold" rating in a research note on Sunday, May 10th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.60.

South Plains Financial Stock Up 0.0%

SPFI opened at $45.98 on Monday. The stock's 50 day moving average price is $41.46 and its 200 day moving average price is $41.59. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $880.42 million, a P/E ratio of 12.64 and a beta of 0.46. South Plains Financial has a 12 month low of $35.34 and a 12 month high of $46.94.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. The firm had revenue of $64.49 million for the quarter, compared to analyst estimates of $63.34 million. South Plains Financial had a return on equity of 13.23% and a net margin of 20.79%. As a group, research analysts predict that South Plains Financial will post 3.79 earnings per share for the current year.

Insider Buying and Selling

In related news, Director James D. Stein sold 13,504 shares of South Plains Financial stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $40.01, for a total transaction of $540,295.04. Following the transaction, the director owned 344,432 shares of the company's stock, valued at $13,780,724.32. This trade represents a 3.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 30,000 shares of company stock valued at $1,204,340. 24.29% of the stock is currently owned by company insiders.

Institutional Trading of South Plains Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPFI. Royal Bank of Canada lifted its holdings in South Plains Financial by 71.2% during the 1st quarter. Royal Bank of Canada now owns 642 shares of the company's stock worth $27,000 after purchasing an additional 267 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of South Plains Financial in the 2nd quarter valued at approximately $32,000. Quarry LP acquired a new stake in shares of South Plains Financial in the 3rd quarter valued at $60,000. State of Alaska Department of Revenue raised its holdings in shares of South Plains Financial by 138.8% during the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company's stock worth $60,000 after buying an additional 913 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of South Plains Financial by 11.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock worth $93,000 after buying an additional 258 shares during the last quarter. 54.95% of the stock is owned by institutional investors.

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.

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