South Plains Financial (NASDAQ:SPFI) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

South Plains Financial (NASDAQ:SPFI) released its quarterly earnings data on Thursday. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.10, Yahoo Finance reports. The business had revenue of $71.92 million during the quarter, compared to analysts’ expectations of $46.50 million. South Plains Financial had a return on equity of 11.58% and a net margin of 16.53%. During the same period in the prior year, the firm posted $0.55 EPS.

South Plains Financial Trading Up 1.0 %

NASDAQ:SPFI opened at $31.25 on Friday. The stock has a market cap of $513.13 million, a P/E ratio of 8.36 and a beta of 0.59. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.91 and a current ratio of 0.91. South Plains Financial has a 1 year low of $23.75 and a 1 year high of $31.67. The stock has a 50-day simple moving average of $27.21 and a 200-day simple moving average of $26.77.

South Plains Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Monday, July 29th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, July 29th. This represents a $0.56 annualized dividend and a dividend yield of 1.79%. South Plains Financial’s dividend payout ratio is currently 14.97%.

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 dated Thursday, June 13th. The stock was sold at an average price of $26.12, for a total value of $204,519.60. Following the completion of the sale, the chief executive officer now directly owns 1,055,967 shares of the company’s stock, valued at approximately $27,581,858.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 25.39% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group upped their price objective on South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday.

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.