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

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) was the target of a significant drop in short interest in 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 days-to-cover ratio is presently 1.5 days. Approximately 0.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SPFI shares. Hovde Group decreased their target price on South Plains Financial from $34.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday. Raymond James raised 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.

South Plains Financial Stock Performance

Shares of NASDAQ SPFI traded down $0.45 during mid-day trading on Friday, hitting $25.93. The company had a trading volume of 39,890 shares, compared to its average volume of 23,856. The company has a market capitalization of $426.03 million, a price-to-earnings ratio of 6.93 and a beta of 0.56. South Plains Financial has a 1 year low of $18.75 and a 1 year high of $30.22. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock's 50-day moving average price is $25.84 and its 200-day moving average price is $26.85.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings results on Friday, January 26th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.04). The company had revenue of $66.38 million during the quarter, compared to analysts' expectations of $47.25 million. South Plains Financial had a net margin of 21.23% and a return on equity of 11.32%. During the same quarter last year, the firm posted $0.71 earnings per share. On average, sell-side analysts forecast that South Plains Financial will post 2.39 earnings per share for the current year.

South Plains Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Monday, April 29th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, April 26th. South Plains Financial's dividend payout ratio (DPR) is presently 13.90%.

Insider Buying and Selling

In related news, CEO Curtis C. Griffith sold 50,000 shares of South Plains Financial stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the sale, the chief executive officer now directly owns 1,253,797 shares in the company, valued at $31,344,925. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the firm's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,253,797 shares of the company's stock, valued at $31,344,925. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Noe G. Valles bought 30,000 shares of the firm's stock in a transaction on Tuesday, February 6th. The stock was purchased at an average cost of $27.00 per share, with a total value of $810,000.00. Following the completion of the transaction, the director now directly owns 195,512 shares of the company's stock, valued at $5,278,824. The disclosure for this purchase can be found here. 25.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On South Plains Financial

Several hedge funds have recently made changes to their positions in SPFI. Salzhauer Michael purchased a new position in South Plains Financial during the first quarter worth about $268,000. BNP Paribas Financial Markets grew its position in South Plains Financial by 35.1% during the fourth quarter. BNP Paribas Financial Markets now owns 12,461 shares of the company's stock worth $361,000 after buying an additional 3,236 shares in the last quarter. SG Americas Securities LLC grew its position in South Plains Financial by 22.8% during the fourth quarter. SG Americas Securities LLC now owns 6,628 shares of the company's stock worth $192,000 after buying an additional 1,230 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. purchased a new position in South Plains Financial during the fourth quarter worth about $2,444,000. Finally, Citigroup Inc. grew its position in South Plains Financial by 85.7% during the third quarter. Citigroup Inc. now owns 19,699 shares of the company's stock worth $521,000 after buying an additional 9,090 shares in the last quarter. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

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.