South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) announced a quarterly dividend on Thursday, July 18th, Zacks reports. Shareholders of record on Monday, July 29th will be given a dividend of 0.14 per share on Monday, August 12th. This represents a $0.56 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, July 29th.
South Plains Financial has raised its dividend payment by an average of 54.9% per year over the last three years. South Plains Financial has a dividend payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect South Plains Financial to earn $2.58 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 21.7%.
South Plains Financial Stock Performance
Shares of SPFI opened at $31.25 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $27.21 and its 200-day moving average price is $26.79. South Plains Financial has a 52 week low of $23.75 and a 52 week high of $31.67. The stock has a market cap of $513.09 million, a P/E ratio of 8.36 and a beta of 0.59.
Insider Activity at South Plains Financial
In related news, CEO Curtis C. Griffith sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $26.12, for a total value of $204,519.60. Following the transaction, the chief executive officer now directly owns 1,055,967 shares of the company’s stock, valued at approximately $27,581,858.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 25.39% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Separately, Hovde Group boosted their price target on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday.
Check Out Our Latest Research Report on South Plains Financial
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.
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