Hovde Group Raises South Plains Financial (NASDAQ:SPFI) Price Target to $41.00

South Plains Financial (NASDAQ:SPFI) had its price target raised by analysts at Hovde Group from $36.00 to $41.00 in a research note issued to investors on Friday, Briefing.com reports. The brokerage presently has an “outperform” rating on the stock. Hovde Group’s price target points to a potential upside of 21.30% from the company’s previous close.

Separately, Piper Sandler raised their price objective on shares of South Plains Financial from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd.

South Plains Financial Trading Down 0.6 %

Shares of SPFI opened at $33.80 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.26. The stock has a market cap of $553.98 million, a PE ratio of 12.57 and a beta of 0.58. South Plains Financial has a 1 year low of $24.05 and a 1 year high of $35.61. The stock has a 50 day simple moving average of $33.54 and a 200-day simple moving average of $29.81.

South Plains Financial (NASDAQ:SPFI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. South Plains Financial had a net margin of 16.53% and a return on equity of 11.42%. During the same period in the prior year, the firm posted $0.78 EPS. On average, sell-side analysts predict that South Plains Financial will post 2.56 EPS for the current fiscal year.

Insider Transactions at South Plains Financial

In related news, 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 transaction, the director now directly owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Curtis C. Griffith sold 9,591 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $30.10, for a total value of $288,689.10. Following the completion of the sale, the chief executive officer now owns 987,307 shares in the company, valued at approximately $29,717,940.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Noe G. Valles bought 50,000 shares of South Plains Financial stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $30.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the director now owns 336,437 shares of the company’s stock, valued at approximately $10,093,110. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 25.39% of the stock is owned by company insiders.

Institutional Trading of South Plains Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in South Plains Financial during the third quarter valued at approximately $149,000. BNP Paribas Financial Markets increased its position in shares of South Plains Financial by 45.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,085 shares of the company’s stock valued at $484,000 after buying an additional 5,624 shares in the last quarter. Creative Planning acquired a new position in South Plains Financial during the 3rd quarter worth approximately $504,000. Salzhauer Michael grew its stake in shares of South Plains Financial by 87.1% during the 2nd quarter. Salzhauer Michael now owns 18,708 shares of the company’s stock worth $505,000 after acquiring an additional 8,708 shares in the last quarter. Finally, Prospector Partners LLC raised its holdings in shares of South Plains Financial by 6.6% in the second quarter. Prospector Partners LLC now owns 33,340 shares of the company’s stock valued at $900,000 after purchasing an additional 2,050 shares during the last quarter. 54.95% of the stock is owned by institutional investors.

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.