South Plains Financial (NASDAQ:SPFI) Stock Rating Upgraded by Zacks Research

South Plains Financial (NASDAQ:SPFI) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on SPFI. Weiss Ratings reiterated a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. Raymond James Financial increased their price target on shares of South Plains Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Piper Sandler restated a “neutral” rating and set a $45.00 price objective on shares of South Plains Financial in a research report on Tuesday. Hovde Group raised their target price on South Plains Financial from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $46.00.

South Plains Financial Trading Up 0.6%

Shares of SPFI stock opened at $40.87 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The stock has a market cap of $664.14 million, a P/E ratio of 11.88 and a beta of 0.60. The stock has a 50 day simple moving average of $39.70 and a 200 day simple moving average of $38.98. South Plains Financial has a 1 year low of $30.01 and a 1 year high of $43.90.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.06. The firm had revenue of $53.88 million during the quarter, compared to analysts’ expectations of $54.11 million. South Plains Financial had a return on equity of 12.75% and a net margin of 19.69%. On average, research analysts predict that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On South Plains Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of SPFI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in South Plains Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,066 shares of the company’s stock valued at $234,000 after purchasing an additional 312 shares during the last quarter. Empowered Funds LLC increased its stake in shares of South Plains Financial by 0.4% in the first quarter. Empowered Funds LLC now owns 89,245 shares of the company’s stock valued at $2,956,000 after buying an additional 398 shares during the period. Jane Street Group LLC bought a new position in South Plains Financial in the 1st quarter valued at approximately $315,000. Truist Financial Corp acquired a new stake in South Plains Financial during the 2nd quarter worth approximately $212,000. Finally, CWM LLC boosted its position in South Plains Financial by 44.8% during the 2nd quarter. CWM LLC now owns 1,678 shares of the company’s stock worth $60,000 after buying an additional 519 shares during the period. Institutional investors own 54.95% of the company’s stock.

South Plains Financial Company Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.