Investors

Zacks Investment Research Downgrades South Plains Financial (NASDAQ:SPFI) to Hold

South Plains Financial, Inc. logoZacks Investment Research cut shares of South Plains Financial (NASDAQ:SPFI) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “South Plains Financial Inc. is the bank holding company for City Bank, a chartered bank. It provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company’s principal business activities include commercial and retail banking along with insurance, investment trust and mortgage services. South Plains Financial Inc. is headquartered in Lubbock, Texas. “

Separately, TheStreet upgraded shares of South Plains Financial from a c rating to a b- rating in a research report on Tuesday, October 12th.

SPFI stock opened at $27.93 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.31. South Plains Financial has a 12 month low of $18.51 and a 12 month high of $28.13. The firm has a market cap of $496.85 million, a P/E ratio of 8.59 and a beta of 0.63. The company’s 50-day moving average price is $26.35 and its two-hundred day moving average price is $24.48.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results on Tuesday, October 26th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. South Plains Financial had a net margin of 25.49% and a return on equity of 15.61%. The company had revenue of $56.97 million for the quarter, compared to analyst estimates of $53.30 million. During the same period in the previous year, the firm posted $0.92 EPS. Equities analysts predict that South Plains Financial will post 3.1 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 16th. Investors of record on Monday, November 1st were given a dividend of $0.09 per share. The ex-dividend date was Friday, October 29th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.29%. South Plains Financial’s payout ratio is presently 11.08%.

Several institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its stake in South Plains Financial by 140.4% during the 3rd quarter. Citigroup Inc. now owns 1,214 shares of the company’s stock valued at $30,000 after purchasing an additional 709 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in South Plains Financial by 60.0% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 2,400 shares of the company’s stock valued at $59,000 after purchasing an additional 900 shares in the last quarter. Metropolitan Life Insurance Co NY bought a new stake in South Plains Financial during the 3rd quarter valued at $72,000. BNP Paribas Arbitrage SA increased its stake in South Plains Financial by 74.9% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,091 shares of the company’s stock valued at $75,000 after purchasing an additional 1,324 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of South Plains Financial in the 3rd quarter worth $172,000. Institutional investors own 23.25% of the company’s stock.

About South Plains Financial

South Plains Financial, Inc is a bank holding company, which engages in the provision of commercial and retail banking services through its subsidiary, City Bank. The firm also offers insurance, investment, trust and mortgage services though its other non-bank subsidiaries. It operates through the Banking and Insurance business segments.

Further Reading: Asset Allocation

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Source: https://etfdailynews.com/news/zacks-investment-research-downgrades-south-plains-financial-nasdaqspfi-to-hold/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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