South Plains Financial (NASDAQ:SPFI) Sees Large Volume Increase Following Better-Than-Expected Earnings

South Plains Financial, Inc. (NASDAQ:SPFIGet Free Report) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 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 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 company earned $0.61 earnings per share.

South Plains Financial Announces Dividend

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 given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Monday, February 3rd. South Plains Financial’s payout ratio is 23.35%.

Analyst Upgrades and Downgrades

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

Read Our Latest Report on South Plains Financial

Insider Buying and Selling at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction that occurred 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 owns 865,967 shares in the company, valued at $29,009,894.50. This represents a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 25.39% of the stock is currently owned by insiders.

Institutional Trading of South Plains Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC acquired a new stake in shares of South Plains Financial during the 4th quarter worth approximately $282,000. SG Americas Securities LLC boosted its stake in South Plains Financial by 26.8% during the 4th quarter. SG Americas Securities LLC now owns 5,556 shares of the company’s stock valued at $193,000 after purchasing an additional 1,175 shares in the last quarter. JPMorgan Chase & Co. boosted its stake 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 in the last quarter. Franklin Resources Inc. bought a new position in South Plains Financial during the 3rd quarter valued at $223,000. Finally, Geode Capital Management LLC boosted its stake in South Plains Financial by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 272,574 shares of the company’s stock valued at $9,248,000 after purchasing an additional 6,292 shares in the last quarter. 54.95% of the stock is currently owned by institutional investors and hedge funds.

South Plains Financial Trading Up 5.4 %

The stock has a market capitalization of $602.33 million, a P/E ratio of 14.30 and a beta of 0.62. 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 business has a 50 day simple moving average of $36.47 and a 200-day simple moving average of $34.42.

About South Plains Financial

(Get Free Report)

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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