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 annualized dividend and a dividend yield of 1.58%. This is a 6.7% increase from South Plains Financial's previous quarterly dividend of $0.15.

South Plains Financial has a dividend 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 10.4%

South Plains Financial stock traded up $3.84 during trading hours on Thursday, reaching $40.60. The company had a trading volume of 227,008 shares, compared to its average volume of 39,879. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.93. The company has a 50-day moving average price of $36.03 and a 200 day moving average price of $34.61. The firm has a market cap of $658.94 million, a price-to-earnings ratio of 12.69 and a beta of 0.68. South Plains Financial has a 12-month low of $29.36 and a 12-month high of $40.91.

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On South Plains Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SPFI. Empowered Funds LLC boosted its position in shares of South Plains Financial by 0.4% during the first quarter. Empowered Funds LLC now owns 89,245 shares of the company's stock worth $2,956,000 after buying an additional 398 shares during the period. Jane Street Group LLC purchased a new stake in shares of South Plains Financial in the first quarter worth approximately $315,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of South Plains Financial by 4.6% in the first 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 in the last quarter. Hedge funds and other institutional investors 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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