South Plains Financial, Inc. (NASDAQ:SPFI) Short Interest Up 25.4% in December

South Plains Financial, Inc. (NASDAQ:SPFI) was the target of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 51,900 shares, a growth of 25.4% from the November 30th total of 41,400 shares. Based on an average trading volume of 35,400 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Hovde Group raised their target price on shares of South Plains Financial from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, October 25th.

Insider Transactions at South Plains Financial

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

Hedge Funds Weigh In On South Plains Financial

Several hedge funds have recently made changes to their positions in the company. US Bancorp DE acquired a new stake in shares of South Plains Financial in the 3rd quarter valued at about $36,000. FMR LLC lifted its stake in South Plains Financial by 39.3% in the third quarter. FMR LLC now owns 1,397 shares of the company’s stock valued at $47,000 after buying an additional 394 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of South Plains Financial in the third quarter valued at approximately $149,000. BNP Paribas Financial Markets grew its position in shares of South Plains Financial by 72.4% during the third quarter. BNP Paribas Financial Markets now owns 4,503 shares of the company’s stock worth $153,000 after acquiring 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 3rd quarter. Public Employees Retirement System of Ohio now owns 4,631 shares of the company’s stock valued at $157,000 after acquiring an additional 800 shares during the period. Hedge funds and other institutional investors own 54.95% of the company’s stock.

South Plains Financial Trading Down 0.4 %

SPFI opened at $34.87 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. South Plains Financial has a one year low of $24.05 and a one year high of $40.90. The company has a market cap of $571.52 million, a P/E ratio of 13.57 and a beta of 0.60. The business’s 50-day simple moving average is $37.19 and its 200-day simple moving average is $33.49.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. South Plains Financial had a net margin of 15.51% and a return on equity of 10.39%. The company had revenue of $72.28 million for the quarter, compared to analyst estimates of $48.90 million. During the same period in the prior year, the firm posted $0.78 earnings per share. As a group, equities research analysts expect that South Plains Financial will post 2.62 EPS for the current fiscal year.

South Plains Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Monday, October 28th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from South Plains Financial’s previous quarterly dividend of $0.14. South Plains Financial’s dividend payout ratio is currently 23.35%.

South Plains Financial Company Profile

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.