South Plains Financial (NASDAQ:SPFI) Stock Rating Upgraded by Zacks Investment Research
South Plains Financial (NASDAQ:SPFI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm presently has a $16.00 target price on the stock. Zacks Investment Research‘s price target points to a potential upside of 9.66% from the company’s current price.
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, BidaskClub raised shares of South Plains Financial from a “sell” rating to a “hold” rating in a report on Tuesday, October 13th.
South Plains Financial (NASDAQ:SPFI) last announced its earnings results on Wednesday, July 29th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.05. South Plains Financial had a net margin of 14.60% and a return on equity of 9.80%. The company had revenue of $55.34 million for the quarter, compared to analysts’ expectations of $48.80 million. As a group, research analysts expect that South Plains Financial will post 1.55 EPS for the current year.
A number of large investors have recently made changes to their positions in SPFI. Citigroup Inc. increased its stake in South Plains Financial by 45.0% in the first quarter. Citigroup Inc. now owns 2,941 shares of the company’s stock valued at $46,000 after acquiring an additional 913 shares during the last quarter. Bank of America Corp DE increased its stake in South Plains Financial by 98.4% in the second quarter. Bank of America Corp DE now owns 3,974 shares of the company’s stock valued at $57,000 after acquiring an additional 1,971 shares during the last quarter. Victory Capital Management Inc. increased its stake in South Plains Financial by 37.8% in the first quarter. Victory Capital Management Inc. now owns 7,054 shares of the company’s stock valued at $109,000 after acquiring an additional 1,934 shares during the last quarter. Advisor Group Holdings Inc. bought a new position in South Plains Financial in the first quarter valued at approximately $132,000. Finally, Sei Investments Co. bought a new position in South Plains Financial in the second quarter valued at approximately $135,000. 21.59% of the stock is currently owned by institutional investors and hedge funds.
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, Community Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.
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