South Plains Financial (NASDAQ:SPFI) Price Target Increased to $36.00 by Analysts at Piper Sandler

South Plains Financial (NASDAQ:SPFI) had its target price increased by equities researchers at Piper Sandler from $32.00 to $36.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 9.49% from the company’s current price.

Separately, Hovde Group raised their price objective on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th.

South Plains Financial Trading Down 2.6 %

Shares of South Plains Financial stock opened at $32.88 on Tuesday. The firm’s 50 day simple moving average is $27.56 and its two-hundred day simple moving average is $26.86. The firm has a market capitalization of $539.86 million, a price-to-earnings ratio of 8.79 and a beta of 0.59. South Plains Financial has a 12-month low of $23.75 and a 12-month high of $33.85. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.27.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Thursday, July 18th. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.10. South Plains Financial had a return on equity of 11.58% and a net margin of 16.53%. The firm had revenue of $71.92 million during the quarter, compared to the consensus estimate of $46.50 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. Analysts predict that South Plains Financial will post 2.44 EPS for the current year.

Insider Transactions at South Plains Financial

In other South Plains Financial news, CEO Curtis C. Griffith sold 7,830 shares of the firm’s stock in a transaction on 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

A number of hedge funds have recently modified their holdings of SPFI. SG Americas Securities LLC raised its stake in shares of South Plains Financial by 22.8% in the 4th quarter. SG Americas Securities LLC now owns 6,628 shares of the company’s stock valued at $192,000 after acquiring an additional 1,230 shares during the period. Salzhauer Michael purchased a new stake in South Plains Financial in the first quarter valued at approximately $268,000. BNP Paribas Financial Markets lifted its stake in South Plains Financial by 35.1% during the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock worth $361,000 after purchasing an additional 3,236 shares in the last quarter. Empowered Funds LLC boosted its position in shares of South Plains Financial by 8.2% during the first quarter. Empowered Funds LLC now owns 95,172 shares of the company’s stock worth $2,547,000 after buying an additional 7,175 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of South Plains Financial by 3.8% in the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock valued at $5,595,000 after buying an additional 7,562 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.