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. The company also provides commercial real estate loans; general and specialized commercial loans, including agricultural production and real estate, energy, finance, investment, and insurance loans, as well as loans to goods, services, restaurant and retail, construction, and other industries; residential construction loans; and 1-4 family residential loans, auto loans, and other loans for recreational vehicles or other purposes. In addition, it offers crop insurance products; trust products and services; investment services; mortgage banking services; online and mobile banking services; and debit and credit cards. The company operates 25 full-service banking locations; and 15 loan production offices located throughout Texas and Eastern New Mexico. South Plains Financial, Inc. was founded in 1941 and is headquartered in Lubbock, Texas.
South Plains Financial Stock Performance
South Plains Financial stock remained flat at $25.40 during midday trading on Friday. 115,955 shares of the company's stock were exchanged, compared to its average volume of 35,531. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average price of $24.34 and a two-hundred day moving average price of $25.73. The firm has a market cap of $441.20 million, a price-to-earnings ratio of 7.77 and a beta of 0.65. South Plains Financial has a 52-week low of $22.06 and a 52-week high of $29.89.
South Plains Financial Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, August 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.89%. This is an increase from South Plains Financial's previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, July 29th. South Plains Financial's payout ratio is 14.68%.
Analysts Set New Price Targets
Separately, Piper Sandler lifted their price target on shares of South Plains Financial to $29.00 in a report on Monday, July 25th.