South Plains Financial (NASDAQ:SPFI) Trading Down 3% - Time to Sell?

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report)'s share price dropped 3% during mid-day trading on Thursday . The stock traded as low as $35.30 and last traded at $35.12. Approximately 22,788 shares changed hands during trading, a decline of 40% from the average daily volume of 38,084 shares. The stock had previously closed at $36.19.

Analyst Ratings Changes

Separately, Raymond James Financial decreased their price target on shares of South Plains Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

South Plains Financial Price Performance

The company's 50 day simple moving average is $34.95 and its 200-day simple moving average is $34.62. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $581.85 million, a price-to-earnings ratio of 11.95 and a beta of 0.70.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. South Plains Financial had a net margin of 17.67% and a return on equity of 11.73%. The business had revenue of $49.15 million for the quarter, compared to analysts' expectations of $48.93 million. During the same period last year, the company earned $0.64 earnings per share. On average, equities research analysts predict that South Plains Financial, Inc. will post 2.85 earnings per share for the current fiscal year.

South Plains Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 12th. Investors of record on Monday, April 28th were given a $0.15 dividend. The ex-dividend date was Monday, April 28th. This represents a $0.60 annualized dividend and a dividend yield of 1.67%. South Plains Financial's dividend payout ratio is presently 20.00%.

Institutional Investors Weigh In On South Plains Financial

Hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS acquired a new stake in shares of South Plains Financial in the fourth quarter worth approximately $101,000. Truist Financial Corp acquired a new stake in shares of South Plains Financial in the fourth quarter worth approximately $205,000. GAMMA Investing LLC boosted its position in shares of South Plains Financial by 8,686.1% in the first quarter. GAMMA Investing LLC now owns 6,326 shares of the company's stock worth $191,000 after acquiring an additional 6,254 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in South Plains Financial by 4.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,754 shares of the company's stock valued at $235,000 after buying an additional 304 shares in the last quarter. Finally, Summit Global Investments acquired a new position in South Plains Financial during the fourth quarter valued at approximately $249,000. 54.95% of the stock is owned by institutional investors and hedge funds.

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.