South Plains Financial (NASDAQ:SPFI) Stock Price Expected to Rise, Hovde Group Analyst Says

South Plains Financial (NASDAQ:SPFI) had its target price increased by research analysts at Hovde Group from $46.00 to $47.00 in a research note issued on Monday, Marketbeat reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price target would indicate a potential upside of 28.98% from the stock’s previous close.

South Plains Financial Trading Down 0.5 %

Shares of NASDAQ:SPFI opened at $36.44 on Monday. 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 has a market capitalization of $597.25 million, a price-to-earnings ratio of 14.18 and a beta of 0.62. The stock’s 50-day simple moving average is $36.45 and its two-hundred day simple moving average is $34.58. South Plains Financial has a 52-week low of $24.05 and a 52-week high of $40.90.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Friday, January 24th. 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 in the prior year, the firm posted $0.61 EPS. Analysts expect that South Plains Financial will post 2.62 EPS for the current year.

Insider Buying and Selling

In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 865,967 shares of the company’s stock, valued at approximately $29,009,894.50. This represents a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 25.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On South Plains Financial

Several hedge funds have recently modified their holdings of SPFI. Dimensional Fund Advisors LP boosted its position in South Plains Financial by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 364,341 shares of the company’s stock valued at $9,837,000 after buying an additional 30,665 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of South Plains Financial in the 3rd quarter valued at $149,000. Creative Planning acquired a new stake in shares of South Plains Financial in the third quarter worth $504,000. US Bancorp DE purchased a new position in shares of South Plains Financial during the third quarter worth $36,000. Finally, Rosenthal Henry Capital Advisors Inc. lifted its position in South Plains Financial by 2.1% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 84,450 shares of the company’s stock valued at $2,865,000 after purchasing an additional 1,750 shares during the period. Institutional investors and hedge funds own 54.95% of the company’s stock.

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.