South Plains Financial, Inc. (NASDAQ:SPFI) Declares $0.16 Quarterly Dividend

Key Points

• South Plains Financial, Inc. has declared a quarterly dividend of $0.16 per share, payable on November 10th to shareholders of record on October 27th, resulting in an annualized yield of 1.7%.
• The company has reported a dividend payout ratio of 17.9%, indicating strong earnings coverage for its dividends, with expected future earnings allowing for continued payments.
• As of the latest trading session, shares of South Plains Financial are down by 5.0% and the stock has an average rating of "Moderate Buy" from analysts.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) announced a quarterly dividend on Thursday, October 16th. Shareholders of record on Monday, October 27th will be paid a dividend of 0.16 per share on Monday, November 10th. This represents a c) dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, October 27th.

South Plains Financial has a dividend payout ratio of 17.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect South Plains Financial to earn $3.28 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 18.3%.

South Plains Financial Trading Down 5.0%

Shares of SPFI stock opened at $36.69 on Friday. The company has a market cap of $595.85 million, a P/E ratio of 11.47 and a beta of 0.65. South Plains Financial has a fifty-two week low of $30.01 and a fifty-two week high of $42.38. The stock has a 50 day simple moving average of $39.39 and a two-hundred day simple moving average of $36.78. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 0.94.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The firm had revenue of $54.67 million during the quarter, compared to the consensus estimate of $52.24 million. South Plains Financial had a return on equity of 12.27% and a net margin of 18.59%.During the same quarter in the previous year, the company posted $0.66 earnings per share. Research analysts forecast that South Plains Financial will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SPFI. Weiss Ratings restated a "buy (b-)" rating on shares of South Plains Financial in a report on Wednesday, October 8th. Raymond James Financial restated an "outperform" rating and set a $42.00 price objective (up previously from $38.00) on shares of South Plains Financial in a report on Thursday, July 17th. Finally, Zacks Research downgraded South Plains Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $44.67.

South Plains Financial Company Profile

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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