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

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) was the recipient of a large 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 shares of the company are sold short.

South Plains Financial Price Performance

South Plains Financial stock traded down $0.02 during mid-day trading on Tuesday, hitting $33.10. 9,530 shares of the company were exchanged, compared to its average volume of 37,347. South Plains Financial has a 1-year low of $24.05 and a 1-year high of $40.91. 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 business has a fifty day moving average of $34.56 and a 200 day moving average of $35.24. The company has a market capitalization of $545.69 million, a PE ratio of 11.36 and a beta of 0.60.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last announced its quarterly earnings results on Friday, January 24th. The company reported $0.96 earnings per share (EPS) for the quarter, beating 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 prior year, the company posted $0.61 earnings per share. As a group, sell-side analysts expect that South Plains Financial will post 2.85 earnings per share for the current year.

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South Plains Financial announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 25th that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

South Plains Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.81%. The ex-dividend date was Monday, February 3rd. South Plains Financial's payout ratio is presently 20.55%.

Insider Buying and Selling

In related news, CEO Curtis C. Griffith sold 21,443 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $35.36, for a total value of $758,224.48. Following the completion of the sale, the chief executive officer now owns 807,240 shares in the company, valued at approximately $28,544,006.40. This trade represents a 2.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Noe G. Valles purchased 100,000 shares of the business's stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $33.00 per share, with a total value of $3,300,000.00. Following the acquisition, the director now owns 486,437 shares in the company, valued at approximately $16,052,421. This represents a 25.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 42,061 shares of company stock worth $1,493,613 in the last quarter. 25.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SPFI. JPMorgan Chase & Co. raised its position in shares of South Plains Financial by 200.1% during the third quarter. JPMorgan Chase & Co. now owns 175,774 shares of the company's stock worth $5,962,000 after acquiring an additional 117,207 shares during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in South Plains Financial during the 3rd quarter worth about $2,882,000. American Century Companies Inc. lifted its position in South Plains Financial by 16.5% during the 4th 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 period. Millennium Management LLC boosted its stake in shares of South Plains Financial by 51.3% in the 4th quarter. Millennium Management LLC now owns 94,332 shares of the company's stock valued at $3,278,000 after purchasing an additional 31,983 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of South Plains Financial by 148.8% during the 4th quarter. Quantinno Capital Management LP now owns 44,741 shares of the company's stock worth $1,555,000 after buying an additional 26,757 shares during the period. Institutional investors own 54.95% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on SPFI shares. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $45.00 price target (down previously from $46.00) on shares of South Plains Financial in a report on Monday, January 27th. Hovde Group increased their price target on shares of South Plains Financial from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th.

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.