South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) hit a new 52-week high during trading on Friday after the company announced a dividend. The company traded as high as $40.99 and last traded at $40.70, with a volume of 41211 shares trading hands. The stock had previously closed at $40.60.The newly announced dividend which will be paid on Monday, August 11th. Stockholders of record on Monday, July 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.57%. This is a positive change from South Plains Financial's previous quarterly dividend of $0.15. South Plains Financial's payout ratio is currently 20.00%.
Analyst Ratings Changes
Separately, Raymond James Financial reiterated an "outperform" rating and set a $42.00 target price (up previously from $38.00) on shares of South Plains Financial in a research report on Thursday.
Check Out Our Latest Stock Analysis on South Plains Financial
South Plains Financial Trading Up 0.7%
The stock has a 50-day simple moving average of $36.15 and a two-hundred day simple moving average of $34.65. 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 firm has a market cap of $663.56 million, a PE ratio of 12.78 and a beta of 0.68.
South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share (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 company had revenue of $54.67 million during the quarter, compared to analyst estimates of $52.24 million. During the same period in the prior year, the firm posted $0.66 EPS. As a group, sell-side analysts anticipate that South Plains Financial, Inc. will post 2.85 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Nuveen Asset Management LLC lifted its position in shares of South Plains Financial by 51.0% during the fourth quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company's stock worth $2,266,000 after purchasing an additional 22,010 shares during the last quarter. Bank of America Corp DE grew its stake in South Plains Financial by 18.9% in the fourth quarter. Bank of America Corp DE now owns 34,488 shares of the company's stock valued at $1,198,000 after purchasing an additional 5,476 shares during the last quarter. GAMMA Investing LLC grew its stake in South Plains Financial by 8,686.1% in the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after purchasing an additional 6,254 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of South Plains Financial by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 426,077 shares of the company's stock worth $14,806,000 after acquiring an additional 21,444 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of South Plains Financial by 51.3% during the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company's stock worth $3,278,000 after acquiring an additional 31,983 shares during the last quarter. 54.95% of the stock is owned by hedge funds and other institutional investors.
About South Plains Financial
(
Get Free Report)
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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