South Plains Financial (NASDAQ:SPFI) Stock Breaks Below 50 Day Moving Average - Here's What Happened

Key Points

• South Plains Financial shares fell below their 50-day moving average, reaching $43.25 before trading at $43.42; the 50-day average was $43.55.
• The company beat quarterly earnings expectations, reporting EPS of $1.06 versus the $0.99 consensus. Analysts maintain a consensus Buy rating and a $49.60 average price target.
• South Plains Financial raised its quarterly dividend from $0.18 to $0.19 per share, equivalent to a 1.8% annualized yield.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $43.55 and traded as low as $43.25. South Plains Financial shares last traded at $43.42, with a volume of 123,361 shares changing hands.

Analyst Ratings Changes

SPFI has been the subject of a number of analyst reports. Benchmark reiterated a "buy" rating on shares of South Plains Financial in a report on Monday, July 20th. Raymond James Financial restated an "outperform" rating and issued a $50.00 target price on shares of South Plains Financial in a research note on Monday, July 20th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th. Finally, Weiss Ratings raised South Plains Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $49.60.

South Plains Financial Price Performance

The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $43.55 and a 200 day moving average price of $42.64. The stock has a market cap of $818.03 million, a PE ratio of 11.52 and a beta of 0.47.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.07. South Plains Financial had a return on equity of 12.81% and a net margin of 21.23%. The company had revenue of $65.27 million during the quarter, compared to analyst estimates of $65.22 million. As a group, research analysts forecast that South Plains Financial, Inc. will post 3.86 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Monday, November 2nd will be paid a $0.19 dividend. The ex-dividend date is Monday, November 2nd. This is a positive change from South Plains Financial's previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.8%. South Plains Financial's dividend payout ratio is 20.16%.

Institutional Trading of South Plains Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in South Plains Financial during the third quarter valued at approximately $62,000. Northwestern Mutual Wealth Management Co. purchased a new position in South Plains Financial in the 2nd quarter worth approximately $103,000. Public Employees Retirement System of Ohio purchased a new position in South Plains Financial in the 2nd quarter worth approximately $173,000. Finally, Sequoia Financial Advisors LLC bought a new position in South Plains Financial in the second quarter valued at $204,000. Institutional investors own 54.95% of the company's stock.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.

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