South Plains Financial, Inc. (NASDAQ:SPFI) Sees Large Increase in Short Interest

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

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 15,422 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $35.69, for a total transaction of $550,411.18. Following the completion of the transaction, the chief executive officer now directly owns 854,818 shares of the company’s stock, valued at $30,508,454.42. This represents a 1.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Noe G. Valles bought 100,000 shares of the stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $33.00 per share, for a total transaction of $3,300,000.00. Following the completion of the purchase, the director now owns 486,437 shares of the company’s stock, valued at approximately $16,052,421. This trade represents a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 42,061 shares of company stock valued at $1,493,613 in the last 90 days. 25.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On South Plains Financial

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

South Plains Financial Price Performance

NASDAQ:SPFI traded down $0.73 during mid-day trading on Friday, hitting $33.08. 31,811 shares of the stock traded hands, compared to its average volume of 36,974. The business’s 50-day moving average price is $34.59 and its 200 day moving average price is $35.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market cap of $545.36 million, a PE ratio of 11.33 and a beta of 0.60. South Plains Financial has a 12-month low of $24.05 and a 12-month high of $40.91.

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

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

South Plains Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, February 3rd. South Plains Financial’s payout ratio is 20.55%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $45.00 price objective (down from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group raised their price target on South Plains Financial from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, January 27th.

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.