South Plains Financial (NASDAQ:SPFI) Downgraded by Zacks Investment Research

South Plains Financial (NASDAQ:SPFI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “South Plains Financial Inc. is the bank holding company for City Bank, a chartered bank. It provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company’s principal business activities include commercial and retail banking along with insurance, investment trust and mortgage services. South Plains Financial Inc. is headquartered in Lubbock, Texas. “

SPFI has been the subject of a number of other reports. BidaskClub lowered shares of South Plains Financial from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. ValuEngine lowered shares of South Plains Financial from a “hold” rating to a “sell” rating in a report on Monday, March 30th.

Shares of NASDAQ SPFI traded up $0.49 during midday trading on Tuesday, hitting $14.24. 472 shares of the company’s stock traded hands, compared to its average volume of 22,573. South Plains Financial has a 1 year low of $11.30 and a 1 year high of $22.00. The stock has a market capitalization of $225.74 million and a price-to-earnings ratio of 8.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 0.84. The firm has a fifty day moving average of $13.23 and a 200 day moving average of $16.74.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Thursday, April 30th. The company reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. The company had revenue of $49.07 million during the quarter, compared to analyst estimates of $44.15 million. South Plains Financial had a net margin of 15.76% and a return on equity of 10.31%. On average, equities analysts anticipate that South Plains Financial will post 1.25 earnings per share for the current year.

In related news, CEO Curtis C. Griffith purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was bought at an average cost of $13.79 per share, for a total transaction of $41,370.00. Following the completion of the transaction, the chief executive officer now directly owns 2,384,021 shares in the company, valued at $32,875,649.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders purchased 5,800 shares of company stock valued at $77,950. 26.66% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Martingale Asset Management L P increased its stake in South Plains Financial by 24.4% in the first quarter. Martingale Asset Management L P now owns 25,516 shares of the company’s stock worth $396,000 after purchasing an additional 5,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of South Plains Financial by 64.5% during the first quarter. Bank of New York Mellon Corp now owns 33,293 shares of the company’s stock valued at $516,000 after buying an additional 13,055 shares during the period. Victory Capital Management Inc. increased its stake in shares of South Plains Financial by 37.8% during the first quarter. Victory Capital Management Inc. now owns 7,054 shares of the company’s stock valued at $109,000 after buying an additional 1,934 shares during the period. Kennedy Capital Management Inc. increased its stake in shares of South Plains Financial by 15.3% during the fourth quarter. Kennedy Capital Management Inc. now owns 220,193 shares of the company’s stock valued at $4,595,000 after buying an additional 29,173 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of South Plains Financial by 88.7% during the fourth quarter. Geode Capital Management LLC now owns 76,773 shares of the company’s stock valued at $1,602,000 after buying an additional 36,095 shares during the period. Institutional investors and hedge funds own 22.15% of the company’s stock.

South Plains Financial Company Profile

There is no company description available for South Plains Financial Inc

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