South Plains Financial, Inc. (NASDAQ:SPFI) Sees Significant Growth in Short Interest

South Plains Financial, Inc. (NASDAQ:SPFIGet Free Report) was the recipient of a significant increase in short interest during the month of February. As of February 29th, there was short interest totalling 60,600 shares, an increase of 17.4% from the February 14th total of 51,600 shares. Approximately 0.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 26,800 shares, the days-to-cover ratio is presently 2.3 days.

South Plains Financial Price Performance

Shares of SPFI stock opened at $25.81 on Friday. The stock has a 50 day moving average of $26.82 and a two-hundred day moving average of $27.01. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33. South Plains Financial has a 12 month low of $18.75 and a 12 month high of $30.22. The company has a market capitalization of $423.80 million, a P/E ratio of 7.11 and a beta of 0.56.

South Plains Financial (NASDAQ:SPFIGet Free Report) last issued 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 return on equity of 11.28% and a net margin of 21.54%. The company had revenue of $66.38 million during the quarter, compared to analyst estimates of $47.25 million. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, equities analysts expect that South Plains Financial will post 2.4 EPS for the current year.

South Plains Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 12th. Stockholders of record on Monday, January 29th were issued a $0.13 dividend. The ex-dividend date was Friday, January 26th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.01%. South Plains Financial’s payout ratio is presently 14.33%.

Insiders Place Their Bets

In other South Plains Financial news, CEO Curtis C. Griffith sold 100,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, March 12th. The shares were 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 directly owns 1,103,797 shares in the company, valued at approximately $27,318,975.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Noe G. Valles acquired 30,000 shares of the stock in a transaction on Tuesday, February 6th. The shares were purchased at an average cost of $27.00 per share, for a total transaction of $810,000.00. Following the transaction, the director now owns 195,512 shares in the company, valued at approximately $5,278,824. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Curtis C. Griffith sold 100,000 shares of South Plains Financial stock in a transaction that occurred on 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 disclosure for this sale can be found here. 25.86% of the stock is currently 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 business. Royal Bank of Canada increased its stake in shares of South Plains Financial by 4.7% in the 3rd quarter. Royal Bank of Canada now owns 12,521 shares of the company’s stock valued at $345,000 after buying an additional 564 shares during the period. FMR LLC lifted its holdings in shares of South Plains Financial by 60.7% in the first quarter. FMR LLC now owns 1,530 shares of the company’s stock valued at $33,000 after purchasing an additional 578 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of South Plains Financial by 1.9% in the first quarter. Two Sigma Investments LP now owns 32,448 shares of the company’s stock valued at $695,000 after purchasing an additional 617 shares in the last quarter. Denali Advisors LLC increased its position in shares of South Plains Financial by 14.9% in the third quarter. Denali Advisors LLC now owns 5,400 shares of the company’s stock valued at $143,000 after acquiring an additional 700 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of South Plains Financial by 9.8% in the first quarter. First Trust Advisors LP now owns 9,060 shares of the company’s stock valued at $241,000 after acquiring an additional 805 shares during the last quarter. 31.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Raymond James upped their target price 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.

Read Our Latest Stock Analysis on SPFI

South Plains Financial Company Profile

(Get Free Report)

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.

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