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

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

The company reported $0.86 earnings per share 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 firm had revenue of $54.67 million for the quarter, compared to the consensus estimate of $52.24 million. During the same quarter in the prior year, the company posted $0.66 earnings per share.

South Plains Financial Increases Dividend

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

Analyst Ratings Changes

Separately, Raymond James Financial reiterated 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 institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of South Plains Financial by 2.4% in the first quarter. Vanguard Group Inc. now owns 678,579 shares of the company's stock valued at $22,475,000 after purchasing an additional 15,942 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 buying an additional 21,444 shares during the last quarter. Acadian Asset Management LLC increased its holdings in South Plains Financial by 1.9% during the first quarter. Acadian Asset Management LLC now owns 293,144 shares of the company's stock worth $9,704,000 after buying an additional 5,568 shares during the last quarter. American Century Companies Inc. increased its holdings in South Plains Financial by 11.5% during the first quarter. American Century Companies Inc. now owns 276,923 shares of the company's stock worth $9,172,000 after buying an additional 28,467 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in South Plains Financial by 40.8% during the fourth 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 last quarter. Hedge funds and other institutional investors own 54.95% of the company's stock.

South Plains Financial Price Performance

The business's fifty day moving average is $36.15 and its 200-day moving average is $34.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $665.43 million, a PE ratio of 12.81 and a beta of 0.68.

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.