South Plains Financial (NASDAQ:SPFI) Upgraded by TheStreet to “B-“

TheStreet upgraded shares of South Plains Financial (NASDAQ:SPFI) from a c rating to a b- rating in a research note issued to investors on Tuesday morning, TheStreetRatingsTable reports.

Separately, Zacks Investment Research upgraded shares of South Plains Financial from a hold rating to a buy rating and set a $27.00 price objective for the company in a research note on Friday, October 1st.

SPFI stock opened at $24.90 on Tuesday. South Plains Financial has a one year low of $12.47 and a one year high of $25.08. The stock has a market capitalization of $447.05 million, a PE ratio of 7.43 and a beta of 0.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The company has a fifty day moving average of $23.48 and a 200-day moving average of $23.20.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Tuesday, July 27th. The company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.11. South Plains Financial had a net margin of 25.50% and a return on equity of 16.50%. The company had revenue of $51.84 million during the quarter, compared to analysts’ expectations of $51.70 million. Equities analysts forecast that South Plains Financial will post 2.84 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 2nd were paid a $0.09 dividend. This is a boost from South Plains Financial’s previous quarterly dividend of $0.07. The ex-dividend date was Friday, July 30th. This represents a $0.36 annualized dividend and a dividend yield of 1.45%. South Plains Financial’s dividend payout ratio (DPR) is 14.52%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of South Plains Financial by 9.8% in the first quarter. BlackRock Inc. now owns 779,922 shares of the company’s stock valued at $17,721,000 after purchasing an additional 69,745 shares during the period. Vanguard Group Inc. raised its position in South Plains Financial by 0.4% during the second quarter. Vanguard Group Inc. now owns 495,806 shares of the company’s stock worth $11,467,000 after acquiring an additional 2,131 shares during the last quarter. Geode Capital Management LLC raised its position in South Plains Financial by 11.1% during the second quarter. Geode Capital Management LLC now owns 159,489 shares of the company’s stock worth $3,688,000 after acquiring an additional 15,948 shares during the last quarter. M3F Inc. raised its position in South Plains Financial by 4.0% during the first quarter. M3F Inc. now owns 134,305 shares of the company’s stock worth $3,051,000 after acquiring an additional 5,106 shares during the last quarter. Finally, Endeavour Capital Advisors Inc. raised its position in South Plains Financial by 6.2% during the first quarter. Endeavour Capital Advisors Inc. now owns 110,500 shares of the company’s stock worth $2,511,000 after acquiring an additional 6,418 shares during the last quarter. Hedge funds and other institutional investors own 23.34% of the company’s stock.

About South Plains Financial

South Plains Financial, Inc is a bank holding company, which engages in the provision of commercial and retail banking services through its subsidiary, City Bank. The firm also offers insurance, investment, trust and mortgage services though its other non-bank subsidiaries. It operates through the Banking and Insurance business segments.

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