South Plains Financial (NASDAQ:SPFI) Stock Price Expected to Rise, Hovde Group Analyst Says

South Plains Financial (NASDAQ:SPFI) had its target price raised by investment analysts at Hovde Group from $46.00 to $47.00 in a note issued to investors on Monday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s target price would suggest a potential upside of 27.89% from the company’s previous close.

South Plains Financial Trading Up 5.4 %

Shares of SPFI stock opened at $36.75 on Monday. The business’s fifty day moving average price is $36.47 and its 200 day moving average price is $34.47. The firm has a market capitalization of $602.33 million, a PE ratio of 14.30 and a beta of 0.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. South Plains Financial has a 1-year low of $24.05 and a 1-year high of $40.90.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.29. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same quarter in the previous year, the firm posted $0.61 EPS. As a group, sell-side analysts forecast that South Plains Financial will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 865,967 shares in the company, valued at approximately $29,009,894.50. This trade represents a 5.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 25.39% of the company’s stock.

Institutional Trading of South Plains Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in South Plains Financial by 200.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock valued at $5,962,000 after buying an additional 117,207 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of South Plains Financial in the third quarter valued at $2,882,000. Dimensional Fund Advisors LP lifted its position in shares of South Plains Financial by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after acquiring an additional 30,665 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of South Plains Financial by 77.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company’s stock valued at $1,617,000 after acquiring an additional 20,756 shares during the last quarter. Finally, Creative Planning acquired a new position in South Plains Financial in the 3rd quarter valued at about $504,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

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.