Short Interest in South Plains Financial, Inc. (NASDAQ:SPFI) Grows By 105.7%

South Plains Financial, Inc. (NASDAQ:SPFI) was the target of a large increase in short interest in the month of January. As of January 15th, there was short interest totaling 139,222 shares, an increase of 105.7% from the December 31st total of 67,689 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 74,817 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily trading volume, of 74,817 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.1% of the shares of the stock are short sold.

South Plains Financial Stock Up 0.1%

SPFI stock traded up $0.05 during midday trading on Friday, reaching $40.92. 29,151 shares of the company were exchanged, compared to its average volume of 71,308. The company has a market cap of $664.95 million, a price-to-earnings ratio of 11.90 and a beta of 0.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. South Plains Financial has a 1-year low of $30.01 and a 1-year high of $43.90. The stock’s 50-day simple moving average is $39.70 and its 200 day simple moving average is $38.98.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Monday, January 26th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.84 by $0.06. The company had revenue of $53.88 million for the quarter, compared to analyst estimates of $54.11 million. South Plains Financial had a return on equity of 12.75% and a net margin of 19.69%. On average, equities analysts forecast that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, February 2nd. This is a positive change from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.7%. South Plains Financial’s dividend payout ratio is currently 18.60%.

Analyst Ratings Changes

Several brokerages recently commented on SPFI. Keefe, Bruyette & Woods boosted their price target on shares of South Plains Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Weiss Ratings reissued a “buy (b)” rating on shares of South Plains Financial in a research note on Monday, December 22nd. Hovde Group upped their price target on shares of South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday. Zacks Research upgraded South Plains Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $45.00 price target on shares of South Plains Financial in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, South Plains Financial presently has a consensus rating of “Buy” and a consensus price target of $46.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new stake in shares of South Plains Financial during the third quarter worth $25,000. Raymond James Financial Inc. purchased a new stake in shares of South Plains Financial in the second quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of South Plains Financial during the third quarter worth about $57,000. CWM LLC lifted its position in South Plains Financial by 44.8% in the second quarter. CWM LLC now owns 1,678 shares of the company’s stock valued at $60,000 after purchasing an additional 519 shares during the period. Finally, Quarry LP purchased a new stake in South Plains Financial in the 3rd quarter valued at approximately $60,000. 54.95% of the stock is currently owned by hedge funds and other institutional investors.

About South Plains Financial

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.