South Plains Financial (NASDAQ:SPFI) Given New $47.00 Price Target at Hovde Group

South Plains Financial (NASDAQ:SPFI) had its price target raised by analysts at Hovde Group from $46.00 to $47.00 in a report issued on Monday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price objective points to a potential upside of 27.89% from the company’s previous close.

South Plains Financial Stock Up 5.4 %

SPFI stock opened at $36.75 on Monday. The stock has a market cap of $602.33 million, a P/E ratio of 14.30 and a beta of 0.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a twelve month low of $24.05 and a twelve month high of $40.90. The company’s 50 day moving average is $36.47 and its two-hundred day moving average is $34.47.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results on Friday, January 24th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.67 by $0.29. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. During the same quarter last year, the company posted $0.61 EPS. Research analysts expect that South Plains Financial will post 2.62 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $33.50, for a total value of $1,675,000.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.39% of the company’s stock.

Hedge Funds Weigh In On South Plains Financial

Several institutional investors have recently added to or reduced their stakes in SPFI. US Bancorp DE acquired a new stake in South Plains Financial during the 3rd quarter worth approximately $36,000. FMR LLC lifted its holdings in shares of South Plains Financial by 39.3% during the third quarter. FMR LLC now owns 1,397 shares of the company’s stock worth $47,000 after purchasing an additional 394 shares during the period. SG Americas Securities LLC purchased a new position in South Plains Financial in the 3rd quarter valued at $149,000. BNP Paribas Financial Markets increased its stake in South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after buying an additional 1,891 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in South Plains Financial by 20.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock worth $157,000 after buying an additional 800 shares during the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

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.