South Plains Financial’s (SPFI) Outperform Rating Reaffirmed at Keefe, Bruyette & Woods

South Plains Financial (NASDAQ:SPFI)‘s stock had its “outperform” rating restated by Keefe, Bruyette & Woods in a research note issued on Monday,Benzinga reports. They presently have a $45.00 target price on the stock, down from their prior target price of $46.00. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 24.62% from the stock’s current price.

Separately, Hovde Group boosted their target price on shares of South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday.

South Plains Financial Stock Performance

NASDAQ:SPFI opened at $36.11 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $591.86 million, a price-to-earnings ratio of 14.05 and a beta of 0.62. The company’s 50-day moving average is $36.47 and its two-hundred day moving average is $34.52. 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 issued its earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the business posted $0.61 earnings per share. Analysts forecast that South Plains Financial will post 2.62 EPS for the current year.

Insider Buying and Selling at South Plains Financial

In related news, CEO Curtis C. Griffith sold 50,000 shares of South Plains Financial stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPFI. JPMorgan Chase & Co. raised its position in South Plains Financial by 200.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock valued at $5,962,000 after purchasing an additional 117,207 shares during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of South Plains Financial in the 3rd quarter worth approximately $2,882,000. Dimensional Fund Advisors LP raised its position in shares of South Plains Financial by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock worth $9,837,000 after acquiring an additional 30,665 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of South Plains Financial by 77.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company’s stock worth $1,617,000 after acquiring an additional 20,756 shares in the last quarter. Finally, Creative Planning purchased a new stake in shares of South Plains Financial in the 3rd quarter worth approximately $504,000. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.