South Plains Financial, Inc. (NASDAQ:SPFI) Increases Dividend to $0.16 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) declared a quarterly dividend on Thursday, July 17th, RTT News reports. Shareholders of record on Monday, July 28th will be given a dividend of 0.16 per share on Monday, August 11th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Monday, July 28th. This is a 6.7% increase from South Plains Financial's previous quarterly dividend of $0.15.

South Plains Financial has a payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 1.7%

Shares of SPFI traded up $0.68 during trading hours on Monday, reaching $41.68. 63,258 shares of the company traded hands, compared to its average volume of 40,130. The company's fifty day moving average price is $36.28 and its two-hundred day moving average price is $34.70. The company has a market capitalization of $676.47 million, a price-to-earnings ratio of 13.03 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.25. South Plains Financial has a 12 month low of $29.36 and a 12 month high of $42.38.

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

Wall Street Analyst Weigh In

Separately, Raymond James Financial reaffirmed an "outperform" rating and set a $42.00 target price (up from $38.00) on shares of South Plains Financial in a report on Thursday.

Hedge Funds Weigh In On South Plains Financial

Several institutional investors have recently made changes to their positions in the company. Empowered Funds LLC increased its holdings in South Plains Financial by 0.4% in the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company's stock worth $2,956,000 after acquiring an additional 398 shares in the last quarter. Jane Street Group LLC acquired a new stake in South Plains Financial during the 1st quarter worth $315,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 purchasing an additional 312 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.

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.