South Plains Financial (NASDAQ:SPFI) Stock Price Up 7.9% After Earnings Beat

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) shares were up 7.9% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $39.50 and last traded at $39.68. Approximately 36,162 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 39,139 shares. The stock had previously closed at $36.76.

The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $54.67 million during the quarter, compared to analyst estimates 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 in the previous year, the business posted $0.66 earnings per share.

South Plains Financial Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Monday, July 28th. This represents a $0.64 annualized dividend and a yield of 1.56%. This is an increase from South Plains Financial's previous quarterly dividend of $0.15. South Plains Financial's payout ratio is currently 18.75%.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reissued an "outperform" rating and issued a $42.00 target price (up previously from $38.00) on shares of South Plains Financial in a report on Thursday.

Institutional Trading of South Plains Financial

Several hedge funds have recently modified their holdings of the company. Invesco Ltd. increased its holdings in shares of South Plains Financial by 352.5% during the first quarter. Invesco Ltd. now owns 92,768 shares of the company's stock valued at $3,072,000 after acquiring an additional 72,269 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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. Nuveen LLC acquired a new position in South Plains Financial in the 1st quarter worth approximately $1,809,000. American Century Companies Inc. increased its holdings in South Plains Financial by 16.5% in the 4th quarter. American Century Companies Inc. now owns 248,456 shares of the company's stock worth $8,634,000 after buying an additional 35,207 shares during the period. Finally, Millennium Management LLC increased its holdings in South Plains Financial by 51.3% in the 4th quarter. Millennium Management LLC now owns 94,332 shares of the company's stock worth $3,278,000 after buying an additional 31,983 shares during the period. 54.95% of the stock is owned by hedge funds and other institutional investors.

South Plains Financial Trading Up 1.0%

The company's fifty day moving average is $36.28 and its two-hundred day moving average is $34.70. 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 company has a market cap of $665.43 million, a price-to-earnings ratio of 12.81 and a beta of 0.68.

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.