South Plains Financial, Inc. (NASDAQ:SPFI – Get Free Report) announced a quarterly dividend on Thursday, October 17th, Zacks reports. Shareholders of record on Monday, October 28th will be given a dividend of 0.15 per share on Tuesday, November 12th. This represents a $0.60 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.14.
South Plains Financial has increased its dividend by an average of 54.9% per year over the last three years. South Plains Financial has a payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect South Plains Financial to earn $2.74 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 21.9%.
South Plains Financial Stock Performance
Shares of SPFI opened at $33.48 on Friday. The company has a 50-day moving average of $33.56 and a two-hundred day moving average of $29.87. The stock has a market cap of $549.71 million, a price-to-earnings ratio of 8.95 and a beta of 0.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.92 and a quick ratio of 0.91. South Plains Financial has a one year low of $24.05 and a one year high of $35.61.
Insider Buying and Selling at South Plains Financial
In other news, CEO Curtis C. Griffith sold 1,599 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $31.00, for a total value of $49,569.00. Following the transaction, the chief executive officer now directly owns 996,898 shares of the company’s stock, valued at approximately $30,903,838. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Curtis C. Griffith sold 1,599 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $31.00, for a total value of $49,569.00. Following the completion of the sale, the chief executive officer now owns 996,898 shares of the company’s stock, valued at approximately $30,903,838. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Noe G. Valles acquired 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the director now directly owns 336,437 shares of the company’s stock, valued at $10,093,110. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 25.39% of the company’s stock.
Wall Street Analysts Forecast Growth
SPFI has been the topic of several recent analyst reports. Piper Sandler upped their price target on South Plains Financial from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Hovde Group upped their target price on South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Friday.
View Our Latest Stock Report on SPFI
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.
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