South Plains Financial, Inc. (NASDAQ:SPFI) Announces Dividend Increase – $0.15 Per Share

South Plains Financial, Inc. (NASDAQ:SPFI) declared a quarterly dividend on Thursday, October 17th, Zacks reports. Investors of record on Monday, October 28th will be paid a dividend of 0.15 per share on Tuesday, November 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Monday, October 28th. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14.

South Plains Financial has raised its dividend by an average of 54.9% per year over the last three years. South Plains Financial has a payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect South Plains Financial to earn $2.74 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 21.9%.

South Plains Financial Stock Down 0.9 %

Shares of South Plains Financial stock opened at $33.48 on Friday. South Plains Financial has a 12-month low of $24.05 and a 12-month high of $35.61. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.26. The stock has a 50 day moving average price of $33.56 and a two-hundred day moving average price of $29.87. The stock has a market capitalization of $549.71 million, a P/E ratio of 8.95 and a beta of 0.58.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. The business had revenue of $72.28 million during the quarter, compared to the consensus estimate of $48.90 million. During the same period in the prior year, the firm earned $0.78 EPS. Equities analysts expect that South Plains Financial will post 2.56 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler upped their price target on shares of South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Hovde Group increased their target price on South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday.

Insider Buying and Selling

In related news, Director Noe G. Valles purchased 50,000 shares of South Plains Financial stock in a transaction on Thursday, August 15th. The stock was purchased at an average cost of $30.00 per share, with a total value of $1,500,000.00. Following the acquisition, the director now directly owns 336,437 shares in the company, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Noe G. Valles acquired 50,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $30.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Curtis C. Griffith sold 9,591 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $30.10, for a total transaction of $288,689.10. Following the completion of the sale, the chief executive officer now owns 987,307 shares of the company’s stock, valued at approximately $29,717,940.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 25.39% of the stock is currently owned by insiders.

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.