South Plains Financial (NASDAQ:SPFI) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded South Plains Financial from a “sell” to a “hold” rating, adding to a mixed but generally positive analyst backdrop. Overall, five analysts rate the stock a Buy and one rates it Hold, with an average target price of $46.25.
• The bank reported Q1 earnings of $0.85 per share, missing the consensus estimate of $0.88, while revenue of $54.15 million was roughly in line with expectations. Analysts still expect full-year EPS of 3.79.
• South Plains Financial also announced a $10 million share repurchase program covering up to 1.5% of outstanding shares, which management may see as a signal that the stock is undervalued.

South Plains Financial (NASDAQ:SPFI - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

Other equities research analysts have also issued reports about the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of South Plains Financial in a research report on Friday, April 24th. Hovde Group increased their price objective on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Tuesday, January 27th. Piper Sandler cut their price objective on shares of South Plains Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, April 30th. Finally, Zacks Research lowered shares of South Plains Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 27th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, South Plains Financial presently has an average rating of "Moderate Buy" and an average target price of $46.25.

South Plains Financial Trading Down 1.1%

NASDAQ:SPFI opened at $40.63 on Friday. The stock has a market capitalization of $778.06 million, a price-to-earnings ratio of 11.38 and a beta of 0.48. South Plains Financial has a 1 year low of $33.66 and a 1 year high of $45.09. The stock has a fifty day moving average price of $42.13 and a two-hundred day moving average price of $40.47. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.93.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $0.85 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.03). The company had revenue of $54.15 million during the quarter, compared to analyst estimates of $54.08 million. South Plains Financial had a net margin of 20.22% and a return on equity of 12.58%. As a group, sell-side analysts anticipate that South Plains Financial will post 3.79 earnings per share for the current fiscal year.

South Plains Financial declared that its Board of Directors has approved a share repurchase plan on Monday, February 23rd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 1.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On South Plains Financial

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets grew its position in South Plains Financial by 11.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,594 shares of the company's stock valued at $93,000 after buying an additional 258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of South Plains Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company's stock worth $234,000 after buying an additional 312 shares in the last quarter. Empowered Funds LLC raised its position in shares of South Plains Financial by 0.4% during the 1st quarter. Empowered Funds LLC now owns 89,245 shares of the company's stock worth $2,956,000 after buying an additional 398 shares in the last quarter. Mariner LLC lifted its stake in shares of South Plains Financial by 4.4% in the 3rd quarter. Mariner LLC now owns 10,337 shares of the company's stock worth $400,000 after acquiring an additional 434 shares during the period. Finally, CWM LLC lifted its stake in shares of South Plains Financial by 26.3% in the 3rd quarter. CWM LLC now owns 2,119 shares of the company's stock worth $82,000 after acquiring an additional 441 shares during the period. Institutional investors and hedge funds own 54.95% of the company's stock.

About South Plains Financial

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.

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