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

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

South Plains Financial Stock Performance

SPFI traded up $0.24 during midday trading on Friday, reaching $34.91. The company had a trading volume of 6,116 shares, compared to its average volume of 32,279. 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 quick ratio of 0.92 and a current ratio of 0.92. The business has a 50-day moving average price of $36.97 and a two-hundred day moving average price of $34.09. The stock has a market cap of $572.17 million, a PE ratio of 13.56 and a beta of 0.62.

South Plains Financial (NASDAQ:SPFI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The company had revenue of $72.28 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the business earned $0.78 earnings per share. On average, sell-side analysts expect that South Plains Financial will post 2.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other South Plains Financial news, CEO Curtis C. Griffith sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 865,967 shares in the company, valued at approximately $29,009,894.50. This represents a 5.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Analyst Ratings Changes

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

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.