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

South Plains Financial, Inc. (NASDAQ:SPFI) saw a significant growth in short interest in 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 currently 1.5 days. Currently, 0.4% of the company’s shares are sold short.

Insider Buying and Selling

In other news, Director Noe G. Valles acquired 100,000 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $33.00 per share, with a total value of $3,300,000.00. Following the completion of the transaction, the director now owns 486,437 shares of the company’s stock, valued at $16,052,421. This represents a 25.88 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Curtis C. Griffith sold 5,196 shares of the company’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 completion of the sale, the chief executive officer now directly owns 828,683 shares in the company, valued at $29,501,114.80. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,061 shares of company stock valued at $1,493,613 over the last quarter. 25.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On South Plains Financial

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of 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 period. Hotchkis & Wiley Capital Management LLC bought a new stake in South Plains Financial during the third quarter valued at about $2,882,000. American Century Companies Inc. lifted its position in shares of South Plains Financial by 16.5% in the fourth quarter. American Century Companies Inc. now owns 248,456 shares of the company’s stock valued at $8,634,000 after acquiring an additional 35,207 shares in the last quarter. Millennium Management LLC boosted its stake in shares of South Plains Financial by 51.3% in the fourth quarter. Millennium Management LLC now owns 94,332 shares of the company’s stock worth $3,278,000 after acquiring an additional 31,983 shares during the period. Finally, Quantinno Capital Management LP grew its position in shares of South Plains Financial by 148.8% during the fourth quarter. Quantinno Capital Management LP now owns 44,741 shares of the company’s stock worth $1,555,000 after purchasing an additional 26,757 shares in the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods restated 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 upped their price target on South Plains Financial from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, January 27th.

South Plains Financial Stock Performance

Shares of SPFI traded down $0.73 on Friday, reaching $33.08. The company’s stock had a trading volume of 31,811 shares, compared to its average volume of 36,974. The stock’s 50 day simple moving average is $34.59 and its two-hundred day simple moving average is $35.21. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $545.36 million, a P/E 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 issued its quarterly earnings results on Friday, January 24th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the firm posted $0.61 EPS. Research analysts forecast that South Plains Financial will post 2.85 earnings per share for the current fiscal year.

South Plains Financial announced that its board has approved a share repurchase program on Tuesday, February 25th that permits the company to buyback $15.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were paid a $0.15 dividend. 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 dividend payout ratio (DPR) is currently 20.55%.

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.