Raymond James Financial Reaffirms "Outperform" Rating for South Plains Financial (NASDAQ:SPFI)

South Plains Financial (NASDAQ:SPFI - Get Free Report)'s stock had its "outperform" rating reaffirmed by analysts at Raymond James Financial in a research note issued to investors on Thursday,Benzinga reports. They currently have a $42.00 target price on the stock, up from their previous target price of $38.00. Raymond James Financial's price target would suggest a potential upside of 4.33% from the stock's current price.

South Plains Financial Trading Up 9.5%

Shares of SPFI traded up $3.50 during midday trading on Thursday, hitting $40.26. 108,740 shares of the stock were exchanged, compared to its average volume of 37,881. South Plains Financial has a 52-week low of $29.36 and a 52-week high of $40.90. The stock has a fifty day simple moving average of $36.03 and a 200 day simple moving average of $34.61. The firm has a market cap of $653.34 million, a P/E ratio of 13.42 and a beta of 0.68. 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 (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 firm had revenue of $54.67 million during the quarter, compared to analyst estimates of $52.24 million. South Plains Financial had a return on equity of 11.73% and a net margin of 17.67%. During the same period last year, the business posted $0.66 earnings per share. On average, research analysts anticipate that South Plains Financial will post 2.85 EPS for the current fiscal year.

Hedge Funds Weigh In On South Plains Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS purchased a new position in shares of South Plains Financial during the 4th quarter worth $101,000. GAMMA Investing LLC lifted its stake in shares of South Plains Financial by 8,686.1% during the 1st quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock worth $191,000 after purchasing an additional 6,254 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company's stock worth $234,000 after buying an additional 312 shares during the last quarter. Summit Global Investments acquired a new stake in shares of South Plains Financial during the 4th quarter worth $249,000. Finally, PDT Partners LLC acquired a new stake in shares of South Plains Financial during the 4th quarter worth $274,000. 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.

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