South Plains Financial's (SPFI) Outperform Rating Reaffirmed at Raymond James Financial

Raymond James Financial reaffirmed their outperform rating on shares of South Plains Financial (NASDAQ:SPFI - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. Raymond James Financial currently has a $42.00 price objective on the stock, up from their previous price objective of $38.00.

South Plains Financial Stock Performance

NASDAQ SPFI traded up $0.89 on Thursday, reaching $41.89. The stock had a trading volume of 26,499 shares, compared to its average volume of 39,987. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 0.94. South Plains Financial has a 12-month low of $29.36 and a 12-month high of $42.28. The business's 50-day moving average price is $36.28 and its 200 day moving average price is $34.70. The stock has a market cap of $679.87 million, a P/E ratio of 13.06 and a beta of 0.68.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $54.67 million for the quarter, compared to analyst estimates of $52.24 million. South Plains Financial had a return on equity of 12.36% and a net margin of 18.59%. During the same quarter in the previous year, the company posted $0.66 earnings per share. As a group, equities analysts expect that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be given a $0.16 dividend. This is a boost from South Plains Financial's previous quarterly dividend of $0.15. The ex-dividend date is Monday, July 28th. This represents a $0.64 annualized dividend and a yield of 1.53%. South Plains Financial's dividend payout ratio is presently 18.75%.

Institutional Trading of South Plains Financial

A number of institutional investors have recently bought and sold shares of the company. KLP Kapitalforvaltning AS acquired a new stake in shares of South Plains Financial during the fourth quarter valued at $101,000. GAMMA Investing LLC boosted its stake in shares of South Plains Financial by 8,686.1% during the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after acquiring an additional 6,254 shares during the last quarter. Truist Financial Corp acquired a new stake in shares of South Plains Financial during the second quarter valued at $212,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of South Plains Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company's stock valued at $234,000 after acquiring an additional 312 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in shares of South Plains Financial during the fourth quarter valued at $249,000. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.