South Plains Financial (NASDAQ:SPFI) Sees Unusually-High Trading Volume - Here's Why

Key Points

• South Plains Financial's stock (NASDAQ:SPFI) experienced unusually high trading volume with approximately 69,166 shares traded, up 1% from the previous session.
• Analysts from Raymond James Financial have increased the price target for SPFI shares to $42.00 from $38.00, maintaining an "outperform" rating.
• The company recently announced a quarterly dividend increase to $0.16 per share, up from $0.15, reflecting a commitment to returning value to shareholders.

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 69,166 shares changed hands during trading, an increase of 1% from the previous session's volume of 68,453 shares.The stock last traded at $36.42 and had previously closed at $36.01.

Analysts Set New Price Targets

Separately, Raymond James Financial reaffirmed an "outperform" rating and set a $42.00 price objective (up from $38.00) on shares of South Plains Financial in a research report on Thursday, July 17th.

South Plains Financial Trading Down 1.0%

The firm has a market capitalization of $592.15 million, a PE ratio of 11.40 and a beta of 0.72. The business has a 50 day moving average price of $37.01 and a 200-day moving average price of $35.09. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $54.67 million for the quarter, compared to analysts' expectations of $52.24 million. South Plains Financial had a return on equity of 12.36% and a net margin of 18.59%. During the same quarter in the prior year, the firm posted $0.66 EPS. Analysts expect that South Plains Financial, Inc. will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The business also recently announced a quarterly 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 is a boost from South Plains Financial's previous quarterly dividend of $0.15. The ex-dividend date is Monday, July 28th. This represents a $0.64 dividend on an annualized basis and a yield of 1.8%. South Plains Financial's payout ratio is currently 20.00%.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds have recently made changes to their positions in SPFI. Sei Investments Co. boosted its holdings in shares of South Plains Financial by 8.9% during the fourth quarter. Sei Investments Co. now owns 28,215 shares of the company's stock worth $980,000 after purchasing an additional 2,311 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of South Plains Financial during the fourth quarter worth $101,000. JPMorgan Chase & Co. raised its position in shares of South Plains Financial by 40.8% in the 4th quarter. JPMorgan Chase & Co. now owns 247,430 shares of the company's stock worth $8,598,000 after buying an additional 71,656 shares during the period. Wells Fargo & Company MN raised its position in shares of South Plains Financial by 23.1% in the 4th quarter. Wells Fargo & Company MN now owns 8,013 shares of the company's stock worth $278,000 after buying an additional 1,506 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of South Plains Financial in the 4th quarter worth $298,000. Institutional investors and hedge funds 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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