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

South Plains Financial, Inc. (NASDAQ:SPFI) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 137,671 shares, a growth of 67.0% from the February 26th total of 82,457 shares. Based on an average trading volume of 88,726 shares, the short-interest ratio is presently 1.6 days. Approximately 1.1% of the shares of the stock are short sold.

South Plains Financial Price Performance

SPFI stock opened at $41.27 on Friday. The firm has a market cap of $673.94 million, a P/E ratio of 12.00 and a beta of 0.60. The firm’s fifty day moving average is $41.67 and its 200 day moving average is $39.71. South Plains Financial has a 52 week low of $30.01 and a 52 week high of $44.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.94.

South Plains Financial (NASDAQ:SPFI) last posted its quarterly earnings results on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.06. South Plains Financial had a net margin of 19.69% and a return on equity of 12.51%. The business had revenue of $54.25 million during the quarter, compared to the consensus estimate of $54.11 million. Research analysts predict that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd were paid a $0.17 dividend. This is a boost from South Plains Financial’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.6%. South Plains Financial’s dividend payout ratio is presently 19.77%.

South Plains Financial announced that its board has authorized a share repurchase plan on Monday, February 23rd that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. Zacks Research upgraded South Plains Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Hovde Group increased their price objective on South Plains Financial from $47.00 to $49.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Keefe, Bruyette & Woods raised their price objective on South Plains Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Raymond James Financial boosted their target price on South Plains Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $46.75.

Hedge Funds Weigh In On South Plains Financial

Several institutional investors and hedge funds have recently bought and sold shares of SPFI. State of Alaska Department of Revenue purchased a new position in South Plains Financial in the 3rd quarter worth approximately $25,000. Raymond James Financial Inc. purchased a new stake in shares of South Plains Financial during the second quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of South Plains Financial in the third quarter worth approximately $57,000. Quarry LP bought a new position in shares of South Plains Financial in the third quarter worth approximately $60,000. Finally, CWM LLC increased its stake in shares of South Plains Financial by 26.3% in the third quarter. CWM LLC now owns 2,119 shares of the company’s stock worth $82,000 after buying an additional 441 shares during the period. 54.95% of the stock is currently owned by institutional investors.

South Plains Financial Company Profile

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.