South Plains Financial, Inc. (NASDAQ:SPFI) Short Interest Update

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 73,800 shares, an increase of 41.4% from the March 31st total of 52,200 shares. Currently, 0.6% of the shares of the stock are short sold. Based on an average trading volume of 37,100 shares, the days-to-cover ratio is presently 2.0 days.

South Plains Financial Trading Up 0.6 %

SPFI stock traded up $0.19 on Tuesday, hitting $34.03. 3,059 shares of the company were exchanged, compared to its average volume of 38,678. 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 $552.51 million, a price-to-earnings ratio of 11.65 and a beta of 0.70. South Plains Financial has a twelve month low of $25.13 and a twelve month high of $40.91. The business's fifty day moving average is $32.88 and its two-hundred day moving average is $35.03.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.07. South Plains Financial had a return on equity of 11.75% and a net margin of 17.20%. The business had revenue of $49.15 million for the quarter, compared to analyst estimates of $48.93 million. During the same period in the previous year, the company posted $0.64 EPS. As a group, research analysts forecast that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, April 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.76%. South Plains Financial's dividend payout ratio is currently 20.00%.

South Plains Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 25th that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have commented on SPFI shares. Hovde Group lifted their target price on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. Raymond James lowered their price objective on South Plains Financial from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $45.00 target price (down from $46.00) on shares of South Plains Financial in a research note on Monday, January 27th.

Insider Buying and Selling at South Plains Financial

In other news, CEO Curtis C. Griffith sold 15,422 shares of the business's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $35.69, for a total value 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. The trade was a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Noe G. Valles purchased 100,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $33.00 per share, for a total transaction of $3,300,000.00. Following the completion of the purchase, the director now directly owns 486,437 shares in the company, valued at $16,052,421. The trade was a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 42,061 shares of company stock valued at $1,493,613. 25.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings 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 buying an additional 117,207 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of South Plains Financial during the third quarter worth about $223,000. Barclays PLC lifted its stake 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 worth $1,810,000 after acquiring an additional 12,200 shares in the last quarter. American Century Companies Inc. boosted its holdings in 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 purchasing an additional 35,207 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in South Plains Financial by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 272,574 shares of the company's stock valued at $9,248,000 after purchasing an additional 6,292 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.