Short Interest in South Plains Financial, Inc. (NASDAQ:SPFI) Grows By 109.0%

South Plains Financial, Inc. (NASDAQ:SPFI) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 51,000 shares, a growth of 109.0% from the February 28th total of 24,400 shares. Based on an average trading volume of 33,500 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.4% of the company’s shares are sold short.

South Plains Financial Stock Performance

Shares of SPFI stock opened at $33.92 on Friday. The company’s fifty day simple moving average is $34.63 and its 200-day simple moving average is $35.20. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. South Plains Financial has a 12 month low of $24.05 and a 12 month high of $40.91. The firm has a market cap of $559.12 million, a PE ratio of 11.58 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.29. South Plains Financial had a return on equity of 11.75% and a net margin of 17.20%. During the same period in the prior year, the company earned $0.61 EPS. Equities research analysts expect that South Plains Financial will post 2.85 EPS for the current fiscal year.

South Plains Financial declared that its Board of Directors has authorized a share repurchase program on Tuesday, February 25th that allows the company to buyback $15.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

South Plains Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were paid a $0.15 dividend. The ex-dividend date was Monday, February 3rd. This represents a $0.60 annualized dividend and a dividend yield of 1.77%. South Plains Financial’s dividend payout ratio is presently 20.55%.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPFI. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group increased their target price on South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, January 27th.

Insider Buying and Selling

In other news, CEO Curtis C. Griffith sold 5,196 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $35.60, for a total transaction of $184,977.60. Following the sale, the chief executive officer now owns 828,683 shares of the company’s stock, valued at $29,501,114.80. This trade represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Noe G. Valles acquired 100,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the acquisition, the director now directly owns 486,437 shares in the company, valued at $16,052,421. This represents a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 42,061 shares of company stock valued at $1,493,613 in the last 90 days. 25.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in South Plains Financial by 200.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company’s stock valued at $5,962,000 after purchasing an additional 117,207 shares during the last quarter. Franklin Resources Inc. acquired a new position in South Plains Financial in the 3rd quarter valued at about $223,000. BNP Paribas Financial Markets raised its holdings in South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock valued at $153,000 after acquiring an additional 1,891 shares during the period. State Street Corp lifted its position in South Plains Financial by 4.7% during the third quarter. State Street Corp now owns 274,701 shares of the company’s stock worth $9,318,000 after acquiring an additional 12,271 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of South Plains Financial by 29.6% during the third quarter. Barclays PLC now owns 53,367 shares of the company’s stock worth $1,810,000 after purchasing an additional 12,200 shares during the period. 54.95% of the stock is currently owned by institutional investors.

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.