South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) saw an uptick in trading volume on Friday following a better than expected earnings announcement. 19,041 shares traded hands during mid-day trading, a decline of 42% from the previous session's volume of 32,573 shares.The stock last traded at $36.13 and had previously closed at $34.88.
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 return on equity of 10.39% and a net margin of 15.51%. During the same period last year, the business posted $0.61 EPS.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.63%. South Plains Financial's dividend payout ratio (DPR) is currently 23.35%.
Separately, Hovde Group upped their price objective on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th.
Check Out Our Latest Report on South Plains Financial
In other news, CEO Curtis C. Griffith sold 50,000 shares of the firm's stock in a transaction on 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 owns 865,967 shares of the company's stock, valued at approximately $29,009,894.50. This trade represents a 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 25.39% of the company's stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in shares of 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 during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in South Plains Financial in the third quarter valued at approximately $2,882,000. Dimensional Fund Advisors LP increased its position in South Plains Financial by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company's stock valued at $9,837,000 after purchasing an additional 30,665 shares during the period. American Century Companies Inc. increased its position in South Plains Financial by 14.9% during the 2nd quarter. American Century Companies Inc. now owns 175,013 shares of the company's stock valued at $4,725,000 after purchasing an additional 22,695 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in South Plains Financial by 77.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 47,659 shares of the company's stock worth $1,617,000 after purchasing an additional 20,756 shares during the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.
The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The stock's 50 day moving average price is $36.60 and its 200 day moving average price is $34.35. The company has a market capitalization of $602.71 million, a P/E ratio of 14.06 and a beta of 0.62.
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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