South Plains Financial (NASDAQ:SPFI) Announces Quarterly Earnings Results

South Plains Financial (NASDAQ:SPFI - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.09, Zacks reports. The company had revenue of $54.67 million for the quarter, compared to the consensus estimate of $52.24 million. South Plains Financial had a net margin of 18.59% and a return on equity of 12.36%. During the same period last year, the firm posted $0.66 EPS.

South Plains Financial Stock Up 1.0%

NASDAQ SPFI traded up $0.40 during trading on Friday, reaching $41.00. The company's stock had a trading volume of 79,389 shares, compared to its average volume of 40,012. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $665.43 million, a PE ratio of 12.81 and a beta of 0.68. The business has a 50-day moving average price of $36.28 and a 200-day moving average price of $34.70. South Plains Financial has a 1-year low of $29.36 and a 1-year high of $41.00.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be paid a $0.16 dividend. The ex-dividend date is Monday, July 28th. This is a boost from South Plains Financial's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.56%. South Plains Financial's payout ratio is 20.00%.

Wall Street Analyst Weigh In

Separately, 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 research note on Thursday.

Hedge Funds Weigh In On South Plains Financial

Institutional investors have recently modified their holdings of the company. Jane Street Group LLC bought a new position in South Plains Financial during the first quarter worth $315,000. Empowered Funds LLC increased its position in 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 acquiring an additional 398 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in South Plains Financial by 4.6% during 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. Institutional investors own 54.95% of the company's stock.

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.