South Plains Financial, Inc. (SPFI) to Issue Quarterly Dividend of $0.14 on May 13th

South Plains Financial, Inc. (NASDAQ:SPFI) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Shareholders of record on Monday, April 29th will be given a dividend of 0.14 per share on Monday, May 13th. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Friday, April 26th. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.13.

South Plains Financial has raised its dividend payment by an average of 54.9% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. South Plains Financial has a dividend payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect South Plains Financial to earn $2.55 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 22.0%.

South Plains Financial Stock Up 1.1 %

Shares of South Plains Financial stock opened at $26.40 on Wednesday. South Plains Financial has a 52-week low of $18.75 and a 52-week high of $30.22. The firm’s 50 day moving average price is $25.85 and its 200-day moving average price is $26.86. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The company has a market cap of $433.75 million, a P/E ratio of 7.27 and a beta of 0.56.

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 analysts’ consensus estimates of $0.65 by ($0.04). The business had revenue of $66.38 million for the quarter, compared to analyst estimates of $47.25 million. South Plains Financial had a return on equity of 11.06% and a net margin of 21.54%. During the same period in the previous year, the company posted $0.71 earnings per share. On average, sell-side analysts predict that South Plains Financial will post 2.4 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 100,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,103,797 shares in the company, valued at approximately $27,318,975.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other South Plains Financial 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 value of $1,250,000.00. Following the sale, the chief executive officer now directly owns 1,253,797 shares of the company’s stock, valued at $31,344,925. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Curtis C. Griffith sold 100,000 shares of South Plains Financial stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $24.75, for a total value 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 approximately $27,318,975.75. The disclosure for this sale can be found here. 25.39% of the stock is currently owned by company insiders.

South Plains Financial Company Profile

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.