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

South Plains Financial, Inc. (NASDAQ:SPFI) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 42,300 shares, a decrease of 18.8% from the March 31st total of 52,100 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 28,000 shares, the days-to-cover ratio is currently 1.5 days.

South Plains Financial Stock Performance

NASDAQ:SPFI traded down $0.73 during trading on Tuesday, reaching $25.92. The company’s stock had a trading volume of 37,316 shares, compared to its average volume of 27,264. The firm has a market cap of $425.94 million, a price-to-earnings ratio of 6.93 and a beta of 0.56. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a 50 day moving average of $25.83 and a 200-day moving average of $26.84. South Plains Financial has a 12 month low of $18.75 and a 12 month high of $30.22.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings data 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). The business had revenue of $66.38 million during the quarter, compared to the consensus estimate 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 company earned $0.71 EPS. Research analysts expect that South Plains Financial will post 2.39 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 13th. Shareholders of record on Monday, April 29th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.56 dividend on an annualized basis and a yield of 2.16%. South Plains Financial’s dividend payout ratio (DPR) is presently 14.97%.

Insider Transactions at South Plains Financial

In other news, CEO Curtis C. Griffith sold 100,000 shares of the company’s 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 directly owns 1,103,797 shares of the company’s stock, valued at $27,318,975.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Curtis C. Griffith sold 50,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,253,797 shares of the company’s stock, valued at $31,344,925. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Curtis C. Griffith sold 100,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.75, for a total value of $2,475,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,103,797 shares of the company’s stock, valued at $27,318,975.75. The disclosure for this sale can be found here. 25.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Venturi Wealth Management LLC bought a new position in South Plains Financial in the 3rd quarter valued at $2,658,000. Rosenthal Henry Capital Advisors Inc. bought a new position in shares of South Plains Financial during the 4th quarter worth $2,444,000. Panagora Asset Management Inc. grew its stake in shares of South Plains Financial by 47.1% during the 3rd quarter. Panagora Asset Management Inc. now owns 36,646 shares of the company’s stock worth $969,000 after acquiring an additional 11,730 shares during the period. Prospector Partners LLC grew its stake in shares of South Plains Financial by 37.3% during the 3rd quarter. Prospector Partners LLC now owns 23,190 shares of the company’s stock worth $613,000 after acquiring an additional 6,300 shares during the period. Finally, Citigroup Inc. grew its stake in shares of South Plains Financial by 85.7% during the 3rd quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock worth $521,000 after acquiring an additional 9,090 shares during the period. Institutional investors own 54.95% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Raymond James increased their price target on South Plains Financial from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Hovde Group lowered their price target on South Plains Financial from $34.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday.

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.