South Plains Financial (NASDAQ:SPFI) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of South Plains Financial (NASDAQ:SPFI) from a sell rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $15.00 price objective on the stock.

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. “

SPFI has been the topic of a number of other research reports. BidaskClub lowered South Plains Financial from a buy rating to a hold rating in a report on Thursday, March 5th. ValuEngine lowered South Plains Financial from a hold rating to a sell rating in a report on Monday, March 30th.

Shares of NASDAQ SPFI opened at $13.67 on Wednesday. The stock has a market capitalization of $246.87 million, a price-to-earnings ratio of 7.81 and a beta of 0.45. South Plains Financial has a 12 month low of $11.30 and a 12 month high of $22.00. The firm’s 50 day simple moving average is $13.35 and its 200-day simple moving average is $16.62. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.84 and a quick ratio of 0.82.

South Plains Financial (NASDAQ:SPFI) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.38 EPS for the quarter, hitting analysts’ consensus estimates of $0.38. The business had revenue of $49.07 million for the quarter, compared to analysts’ expectations of $44.15 million. South Plains Financial had a net margin of 15.76% and a return on equity of 10.31%. Analysts anticipate that South Plains Financial will post 1.25 earnings per share for the current fiscal year.

In related news, CEO Curtis C. Griffith purchased 3,000 shares of South Plains Financial stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average price of $13.79 per share, for a total transaction of $41,370.00. Following the acquisition, the chief executive officer now directly owns 2,384,021 shares in the company, valued at $32,875,649.59. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have bought 5,800 shares of company stock worth $77,950. Insiders own 26.66% of the company’s stock.

Large investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of South Plains Financial by 310.6% during the 4th quarter. Bank of Montreal Can now owns 1,273 shares of the company’s stock worth $27,000 after purchasing an additional 963 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of South Plains Financial by 1,378.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the company’s stock worth $28,000 after purchasing an additional 1,268 shares during the last quarter. Citigroup Inc. increased its position in shares of South Plains Financial by 2,204.5% during the 4th quarter. Citigroup Inc. now owns 2,028 shares of the company’s stock worth $42,000 after purchasing an additional 1,940 shares during the last quarter. First Quadrant L P CA acquired a new stake in shares of South Plains Financial during the 1st quarter worth about $87,000. Finally, Bank of America Corp DE increased its position in shares of South Plains Financial by 130.8% during the 4th quarter. Bank of America Corp DE now owns 4,490 shares of the company’s stock worth $94,000 after purchasing an additional 2,545 shares during the last quarter. 22.15% of the stock is owned by hedge funds and other institutional investors.

About South Plains Financial

There is no company description available for South Plains Financial Inc

Further Reading: volatile stocks

Get a free copy of the Zacks research report on South Plains Financial (SPFI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for South Plains Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South Plains Financial and related companies with MarketBeat.com's FREE daily email newsletter.