Hovde Group Lowers South Plains Financial (NASDAQ:SPFI) Price Target to $32.00

South Plains Financial (NASDAQ:SPFI) had its price objective reduced by analysts at Hovde Group from $34.00 to $32.00 in a research report issued on Friday, Briefing.com reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s price target would indicate a potential upside of 20.66% from the stock’s current price.

Separately, Raymond James boosted their price objective on shares of South Plains Financial from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, January 29th.

South Plains Financial Trading Down 0.8 %

Shares of SPFI stock opened at $26.52 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $435.72 million, a P/E ratio of 7.31 and a beta of 0.56. The stock has a 50 day simple moving average of $25.85 and a 200 day simple moving average of $26.86. South Plains Financial has a 1 year low of $18.75 and a 1 year high of $30.22.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings results on Friday, January 26th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.04). South Plains Financial had a net margin of 21.54% and a return on equity of 11.06%. The company had revenue of $66.38 million during the quarter, compared to the consensus estimate of $47.25 million. During the same quarter last year, the firm posted $0.71 earnings per share. On average, research analysts predict that South Plains Financial will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling at South Plains Financial

In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,253,797 shares in the company, valued at $31,344,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,253,797 shares in the company, valued at $31,344,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Curtis C. Griffith sold 100,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $24.75, for a total transaction of $2,475,000.00. Following the transaction, the chief executive officer now owns 1,103,797 shares of the company’s stock, valued at $27,318,975.75. The disclosure for this sale can be found here. Company insiders own 25.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in South Plains Financial in the third quarter valued at $109,000. SG Americas Securities LLC acquired a new stake in South Plains Financial in the third quarter valued at $143,000. Denali Advisors LLC increased its holdings in South Plains Financial by 14.9% in the third quarter. Denali Advisors LLC now owns 5,400 shares of the company’s stock valued at $143,000 after purchasing an additional 700 shares during the period. BNP Paribas Financial Markets increased its holdings in South Plains Financial by 35.1% in the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company’s stock valued at $361,000 after purchasing an additional 3,236 shares during the period. Finally, Citigroup Inc. increased its holdings in South Plains Financial by 85.7% in the third quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock valued at $521,000 after purchasing an additional 9,090 shares during the period. 54.95% of the stock is currently owned by institutional investors and hedge funds.

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.