South Plains Financial (NASDAQ:SPFI) Cut to "Neutral" at Piper Sandler

Key Points

• Piper Sandler downgraded South Plains Financial from an "overweight" rating to a "neutral" rating, setting a target price of $41.00, suggesting a potential upside of 7.47% from its current price.
• South Plains Financial reported a quarterly EPS of $0.96, exceeding analysts' expectations of $0.87, with revenue of $54.18 million that slightly surpassed the forecast of $54.07 million.
• Despite the downgrade, the overall sentiment remains moderately positive, as four analysts have rated the stock as a Buy and the consensus average price target stands at $44.00.

South Plains Financial (NASDAQ:SPFI - Get Free Report) was downgraded by analysts at Piper Sandler from an "overweight" rating to a "neutral" rating in a research report issued on Friday,Finviz reports. They presently have a $41.00 target price on the stock. Piper Sandler's price target would indicate a potential upside of 7.47% from the company's current price.

A number of other equities analysts have also recently commented on SPFI. Raymond James Financial reissued an "outperform" rating and set a $42.00 target price (up previously from $38.00) on shares of South Plains Financial in a report on Thursday, July 17th. Hovde Group increased their price objective on South Plains Financial from $45.00 to $48.00 and gave the company an "outperform" rating in a research note on Friday. Weiss Ratings restated a "buy (b-)" rating on shares of South Plains Financial in a report on Wednesday, October 8th. Finally, Zacks Research lowered shares of 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 two have issued a Hold rating to the company. According to data from MarketBeat.com, South Plains Financial has an average rating of "Moderate Buy" and an average price target of $44.00.

South Plains Financial Stock Performance

SPFI opened at $38.15 on Friday. The firm's fifty day simple moving average is $39.32 and its two-hundred day simple moving average is $36.98. South Plains Financial has a 52-week low of $30.01 and a 52-week high of $42.38. The company has a market cap of $619.56 million, a price-to-earnings ratio of 11.92 and a beta of 0.65. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.24.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Thursday, October 23rd. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.09. The business had revenue of $54.18 million during the quarter, compared to analysts' expectations of $54.07 million. South Plains Financial had a net margin of 18.59% and a return on equity of 12.27%. Equities analysts anticipate that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

Insider Transactions at South Plains Financial

In related news, Director Richard D. Campbell sold 15,583 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $39.62, for a total transaction of $617,398.46. Following the completion of the sale, the director directly owned 1,529,386 shares in the company, valued at approximately $60,594,273.32. This trade represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 24.58% of the company's stock.

Institutional Trading of South Plains Financial

Several hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in shares of South Plains Financial by 11.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock worth $93,000 after buying an additional 258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 acquiring an additional 312 shares during the period. Teacher Retirement System of Texas increased its stake in South Plains Financial by 3.2% during the second quarter. Teacher Retirement System of Texas now owns 10,368 shares of the company's stock worth $374,000 after acquiring an additional 326 shares during the last quarter. Empowered Funds LLC raised its position in South Plains Financial by 0.4% in the first quarter. Empowered Funds LLC now owns 89,245 shares of the company's stock valued at $2,956,000 after purchasing an additional 398 shares during the period. Finally, CWM LLC raised its position in South Plains Financial by 26.3% in the third quarter. CWM LLC now owns 2,119 shares of the company's stock valued at $82,000 after purchasing an additional 441 shares during the period. 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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