South Plains Financial

SPFI · NASDAQ

$43.78+$0.68 (+1.58%)TodayMarket closed · Oct 20, 6:37 PM ET

Prev close $43.10

SPFI analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $51.76 (+18.2% upside)

Low: $50.50
Now: $43.78
High: $55.65

Upgrades and downgrades

The latest rating actions, newest first

SPFI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keefe, Bruyette & Woods	Jul 20, 2026	Maintains	Outperform	$48.00 → $50.00	83%
Benchmark	Jun 25, 2026	Initiates	Buy	$53.00	39%
Piper Sandler	Apr 30, 2026	Maintains	Overweight	$48.00 → $46.00	67%
Piper Sandler	Mar 2, 2026	Upgrade	Neutral → Overweight	$45.00 → $48.00	67%
Raymond James	Jan 7, 2026	Maintains	Outperform	$42.00 → $44.00	89%
Keefe, Bruyette & Woods	Dec 12, 2025	Maintains	Outperform	$45.00 → $46.00	83%
Keefe, Bruyette & Woods	Oct 24, 2025	Maintains	Outperform	$44.00 → $45.00	83%
Piper Sandler	Oct 24, 2025	Downgrade	Overweight → Neutral	$44.00 → $41.00	67%

The case for and against

Updated Oct 17, 2026

Bull case

South Plains Financial is well positioned by its strong core deposit franchise, especially its low-cost rural funding base and dominant Lubbock market share, which support a 4.04% net interest margin and a 1.4%+ ROA profile. The successful April 1st BOH acquisition should enhance scale, deepen its Houston lending pipeline, and unlock cost savings after the May conversion, while organic loans still grew about 5% LQA and deposits rose about 2%. Credit remains clean with TCE near 10.5% and CET1 at 14.8%, and the company’s above-peer insider ownership, fee businesses, and disciplined M&A strategy provide further support for long-term earnings and capital growth.

Bear case

South Plains Financial is viewed negatively because its earnings profile is constrained by limited loan growth, a securities-heavy balance sheet with a $609M portfolio yielding 3.34% and $49M of unrealized losses, and fee income that has weakened since FY21 after the insurance sale and softer mortgage banking revenue. Credit quality remains manageable with NCOs at 0.06% and NPAs at 0.27% of loans plus OREO, but criticized loans have risen to $101M, or 3.2% of the portfolio, leaving room for deterioration if economic conditions in Texas soften. The outlook is further pressured by integration risk from the BOH Holdings acquisition, insider-selling concerns, and less flexibility to cut deposit costs, even as DDA growth and a 1.41% reserve help offset some weakness.

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