South Plains Financial (NASDAQ:SPFI) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

South Plains Financial (NASDAQ:SPFI) announced its quarterly earnings data on Thursday. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.07, Zacks reports. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. The firm had revenue of $65.27 million during the quarter, compared to analyst estimates of $65.22 million.

South Plains Financial Stock Performance

NASDAQ SPFI traded up $0.53 during trading hours on Thursday, reaching $43.93. The company’s stock had a trading volume of 126,887 shares, compared to its average volume of 113,987. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $43.74 and a 200 day simple moving average of $42.92. South Plains Financial has a 52 week low of $35.34 and a 52 week high of $46.94. The stock has a market cap of $827.64 million, a PE ratio of 11.97 and a beta of 0.49.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SPFI shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of South Plains Financial in a report on Friday, September 25th. Raymond James Financial reissued an “outperform” rating and set a $50.00 price target on shares of South Plains Financial in a research report on Monday, July 20th. Benchmark reissued a “buy” rating on shares of South Plains Financial in a research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $50.00 price objective (up from $48.00) on shares of South Plains Financial in a research note on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.60.

Insider Buying and Selling

In other news, Director James Stein sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the completion of the transaction, the director directly owned 242,872 shares of the company’s stock, valued at approximately $10,817,518.88. This represents a 29.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Campbell sold 132,714 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $44.75, for a total value of $5,938,951.50. Following the sale, the director owned 1,412,255 shares in the company, valued at $63,198,411.25. The trade was a 8.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 260,000 shares of company stock valued at $11,624,642. 24.29% of the stock is currently owned by insiders.

South Plains Financial Company Profile

South Plains Financial, Inc is a bank holding company headquartered in Lubbock, Texas. Through its principal subsidiary, City Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and other organizations.

City Bank offers a range of products and services, including checking and savings accounts, certificates of deposit, consumer loans, commercial and industrial lending, agricultural loans, real estate financing, mortgage lending, wealth management and treasury management services.