Short Interest in South Plains Financial, Inc. (NASDAQ:SPFI) Drops By 18.8%

South Plains Financial, Inc. (NASDAQ:SPFI) was the target of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 42,300 shares, a drop of 18.8% from the March 31st total of 52,100 shares. Based on an average trading volume of 28,000 shares, the short-interest ratio is presently 1.5 days. Currently, 0.4% of the company’s shares are sold short.

South Plains Financial Stock Down 1.7 %

South Plains Financial stock traded down $0.45 during midday trading on Friday, reaching $25.93. The stock had a trading volume of 39,890 shares, compared to its average volume of 23,856. The firm’s fifty day simple moving average is $25.84 and its 200-day simple moving average is $26.85. South Plains Financial has a 1-year low of $18.75 and a 1-year high of $30.22. The stock has a market capitalization of $426.03 million, a P/E ratio of 6.93 and a beta of 0.56. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91.

South Plains Financial (NASDAQ:SPFI) last announced its 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). South Plains Financial had a net margin of 21.23% and a return on equity of 11.32%. The firm had revenue of $66.38 million during the quarter, compared to analyst estimates of $47.25 million. During the same period in the prior year, the business posted $0.71 EPS. As a group, analysts expect that South Plains Financial will post 2.39 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Monday, April 29th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, April 26th. South Plains Financial’s dividend payout ratio is presently 13.90%.

Insider Activity at South Plains Financial

In related news, CEO Curtis C. Griffith sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was 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 in the company, valued at $27,318,975.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 100,000 shares of the firm’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 transaction, the chief executive officer now owns 1,103,797 shares in the company, valued at $27,318,975.75. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Noe G. Valles bought 30,000 shares of South Plains Financial stock in a transaction on Tuesday, February 6th. The shares were bought at an average price of $27.00 per share, for a total transaction of $810,000.00. Following the acquisition, the director now owns 195,512 shares of the company’s stock, valued at approximately $5,278,824. The disclosure for this purchase can be found here. 25.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On South Plains Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC bought a new position in South Plains Financial in the third quarter valued at approximately $2,658,000. Rosenthal Henry Capital Advisors Inc. bought a new position in South Plains Financial in the fourth quarter valued at approximately $2,444,000. Panagora Asset Management Inc. grew its stake in South Plains Financial by 47.1% in the third quarter. Panagora Asset Management Inc. now owns 36,646 shares of the company’s stock valued at $969,000 after purchasing an additional 11,730 shares in the last quarter. Prospector Partners LLC grew its stake in South Plains Financial by 37.3% in the third quarter. Prospector Partners LLC now owns 23,190 shares of the company’s stock valued at $613,000 after purchasing an additional 6,300 shares in the last quarter. Finally, Citigroup Inc. grew its stake in South Plains Financial by 85.7% in the third quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock valued at $521,000 after purchasing an additional 9,090 shares in the last quarter. Institutional investors and hedge funds own 54.95% of the company’s stock.

Analyst Upgrades and Downgrades

SPFI has been the topic of a number of research analyst reports. Hovde Group dropped their price target on South Plains Financial from $34.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday. Raymond James raised their price target on South Plains Financial from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th.

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, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.