South Plains Financial (NASDAQ:SPFI) Sees Large Volume Increase After Earnings Beat

South Plains Financial, Inc. (NASDAQ:SPFI) saw strong trading volume on Friday following a stronger than expected earnings report. 19,041 shares were traded 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 for the quarter, topping analysts’ consensus estimates 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 quarter last year, the business earned $0.61 EPS.

South Plains Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd will be paid 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 23.35%.

Wall Street Analyst Weigh In

Separately, Hovde Group upped their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, October 25th.

Insider Buying and Selling

In related news, CEO Curtis C. Griffith sold 50,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 865,967 shares in the company, valued at approximately $29,009,894.50. The trade was a 5.46 % 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 this link. 25.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On South Plains Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPFI. US Bancorp DE purchased a new position in shares of South Plains Financial in the 3rd quarter worth approximately $36,000. FMR LLC boosted its position in South Plains Financial by 39.3% in the third quarter. FMR LLC now owns 1,397 shares of the company’s stock worth $47,000 after purchasing an additional 394 shares during the last quarter. SG Americas Securities LLC bought a new position in South Plains Financial in the 3rd quarter valued at $149,000. BNP Paribas Financial Markets grew its stake in South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after purchasing an additional 1,891 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of South Plains Financial by 20.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Stock Up 5.4 %

The stock has a 50 day moving average price of $36.60 and a 200 day moving average price of $34.35. 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 company has a market capitalization of $602.71 million, a P/E ratio of 14.06 and a beta of 0.62.

About South Plains Financial

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.