South Plains Financial (NASDAQ:SPFI) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research has downgraded South Plains Financial from a "strong-buy" rating to a "hold" rating, reflecting a shift in analyst sentiment.
• Raymond James Financial has maintained an "outperform" rating while increasing its price target for the stock to $42.00, up from a previous target of $38.00.
• In the latest quarterly earnings, South Plains Financial reported an EPS of $0.86, exceeding analyst expectations and showcasing a year-over-year growth from $0.66 EPS in the same quarter last year.

South Plains Financial (NASDAQ:SPFI - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Separately, Raymond James Financial restated 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, July 17th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $44.67.

South Plains Financial Price Performance

South Plains Financial stock traded down $1.43 during trading on Monday, reaching $39.22. The company had a trading volume of 160,699 shares, compared to its average volume of 42,627. The firm's 50-day simple moving average is $39.36 and its 200 day simple moving average is $36.10. South Plains Financial has a 1-year low of $30.01 and a 1-year high of $42.38. The firm has a market capitalization of $636.93 million, a PE ratio of 12.26 and a beta of 0.72. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 0.94.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last posted 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 firm had revenue of $54.67 million for 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 12.27%. During the same period in the previous year, the business posted $0.66 earnings per share. As a group, equities research analysts anticipate that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other South Plains Financial news, Director Richard D. Campbell sold 44,417 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $40.21, for a total value of $1,786,007.57. Following the completion of the transaction, the director directly owned 1,544,969 shares in the company, valued at approximately $62,123,203.49. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.58% of the company's stock.

Institutional Trading of South Plains Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nuveen Asset Management LLC grew its position in South Plains Financial by 51.0% during the 4th quarter. Nuveen Asset Management LLC now owns 65,204 shares of the company's stock worth $2,266,000 after acquiring an additional 22,010 shares during the last quarter. Bank of America Corp DE boosted its position in South Plains Financial by 18.9% in the fourth quarter. Bank of America Corp DE now owns 34,488 shares of the company's stock worth $1,198,000 after purchasing an additional 5,476 shares during the last quarter. GAMMA Investing LLC grew its holdings in South Plains Financial by 8,686.1% during the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock valued at $191,000 after purchasing an additional 6,254 shares during the period. Millennium Management LLC grew its holdings in South Plains Financial by 51.3% during the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company's stock valued at $3,278,000 after purchasing an additional 31,983 shares during the period. Finally, Northern Trust Corp lifted its position in shares of South Plains Financial by 7.6% in the fourth quarter. Northern Trust Corp now owns 110,823 shares of the company's stock valued at $3,851,000 after acquiring an additional 7,791 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors.

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.