South Plains Financial (NASDAQ:SPFI) Hits New 52-Week High Following Dividend Announcement

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $40.99 and last traded at $40.70, with a volume of 41211 shares traded. The stock had previously closed at $40.60.

The newly announced dividend which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Monday, July 28th. This is a boost from South Plains Financial's previous quarterly dividend of $0.15. South Plains Financial's dividend payout ratio is 18.75%.

Wall Street Analysts Forecast Growth

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 report on Thursday, July 17th.

South Plains Financial Price Performance

The firm has a market capitalization of $668.30 million, a P/E ratio of 12.87 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. The business has a 50 day simple moving average of $36.28 and a two-hundred day simple moving average of $34.70.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings data 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. South Plains Financial had a return on equity of 12.36% and a net margin of 18.59%. The firm had revenue of $54.67 million for the quarter, compared to analysts' expectations of $52.24 million. During the same period last year, the firm earned $0.66 earnings per share. On average, sell-side analysts expect that South Plains Financial, Inc. will post 2.85 EPS for the current fiscal year.

Institutional Trading of South Plains Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. KLP Kapitalforvaltning AS purchased a new stake in South Plains Financial in the 4th quarter worth $101,000. Truist Financial Corp bought a new position in shares of South Plains Financial in the second quarter worth about $212,000. GAMMA Investing LLC increased its stake in shares of South Plains Financial by 8,686.1% during the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after buying an additional 6,254 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in South Plains Financial by 4.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock worth $235,000 after acquiring an additional 304 shares during the period. Finally, Summit Global Investments purchased a new stake in shares of South Plains Financial during the 4th quarter worth $249,000. 54.95% of the stock is currently owned by institutional investors.

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.