Earnings Estimates Moving Higher for South Plains Financial (SPFI): Time to Buy?

South Plains Financial (SPFI) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.For South Plains Financial, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $0.65 per share, which is a change of +1.56% from the year-ago reported number.The Zacks Consensus Estimate for South Plains Financial has increased 10.17% over the last 30 days, as two estimates have gone higher compared to no negative revisions.Current-Year Estimate RevisionsFor the full year, the earnings estimate of $2.85 per share represents a change of -2.4% from the year-ago number.There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, two estimates have moved up for South Plains Financial versus no negative revisions. This has pushed the consensus estimate 5.56% higher.Favorable Zacks RankThanks to promising estimate revisions, South Plains Financial currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.Bottom LineWhile strong estimate revisions for South Plains Financial have attracted decent investments and pushed the stock 5.5% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report South Plains Financial, Inc. (SPFI): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks