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

South Plains Financial, Inc. (NASDAQ:SPFI - Get Free Report) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 36,100 shares, a decline of 30.4% from the December 15th total of 51,900 shares. Based on an average trading volume of 35,200 shares, the short-interest ratio is presently 1.0 days. Currently, 0.3% of the company's stock are short sold.

South Plains Financial Stock Up 2.1 %

Shares of NASDAQ:SPFI traded up $0.73 during trading on Wednesday, hitting $34.77. 18,992 shares of the company were exchanged, compared to its average volume of 36,310. The firm's 50 day moving average price is $37.04 and its 200-day moving average price is $34.08. South Plains Financial has a 12-month low of $24.05 and a 12-month high of $40.90. 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 $569.88 million, a P/E ratio of 13.53 and a beta of 0.62.

South Plains Financial (NASDAQ:SPFI - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The company had revenue of $72.28 million for the quarter, compared to analyst estimates of $48.90 million. South Plains Financial had a return on equity of 10.39% and a net margin of 15.51%. During the same quarter last year, the company posted $0.78 earnings per share. On average, research analysts predict that South Plains Financial will post 2.62 earnings per share for the current fiscal year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, October 28th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from South Plains Financial's previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Monday, October 28th. South Plains Financial's payout ratio is presently 23.35%.

Analysts Set New Price Targets

Separately, Hovde Group raised their price target on South Plains Financial from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, October 25th.

Insiders Place Their Bets

In other news, CEO Curtis C. Griffith sold 50,000 shares of the business's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $33.50, for a total transaction of $1,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 865,967 shares of the company's stock, valued at approximately $29,009,894.50. The trade was a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 25.39% of the company's stock.

Institutional Trading of South Plains Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE acquired a new position in South Plains Financial in the third quarter valued at $36,000. FMR LLC raised its stake in South Plains Financial by 39.3% during the 3rd quarter. FMR LLC now owns 1,397 shares of the company's stock valued at $47,000 after acquiring an additional 394 shares during the last quarter. SG Americas Securities LLC acquired a new stake in South Plains Financial during the 3rd quarter worth approximately $149,000. BNP Paribas Financial Markets grew its stake in shares of South Plains Financial by 72.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company's stock valued at $153,000 after purchasing an additional 1,891 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of South Plains Financial by 20.9% in the third quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company's stock valued at $157,000 after purchasing an additional 800 shares during the period. Hedge funds and other institutional investors own 54.95% of the company's stock.

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.