Short Interest in South Plains Financial, Inc. (NASDAQ:SPFI) Declines By 42.9%

South Plains Financial, Inc. (NASDAQ:SPFI) was the target of a significant drop in short interest in the month of January. As of January 30th, there was short interest totaling 79,534 shares, a drop of 42.9% from the January 15th total of 139,222 shares. Approximately 0.7% of the company’s shares are sold short. Based on an average trading volume of 74,920 shares, the days-to-cover ratio is presently 1.1 days. Based on an average trading volume of 74,920 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.7% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPFI. Keefe, Bruyette & Woods increased their target price 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. Raymond James Financial lifted their price objective on shares of South Plains Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Zacks Research upgraded South Plains Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Finally, Hovde Group upped their price objective on South Plains Financial from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, South Plains Financial currently has a consensus rating of “Buy” and an average price target of $46.00.

South Plains Financial Stock Performance

SPFI traded up $0.12 during trading on Friday, reaching $42.29. 49,826 shares of the company’s stock were exchanged, compared to its average volume of 71,273. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 0.93. South Plains Financial has a 1 year low of $30.01 and a 1 year high of $44.00. The company’s fifty day simple moving average is $40.67 and its 200-day simple moving average is $39.23. The stock has a market capitalization of $687.13 million, a P/E ratio of 12.29 and a beta of 0.60.

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

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd will be paid a $0.17 dividend. The ex-dividend date 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 1.6%. South Plains Financial’s dividend payout ratio (DPR) is currently 19.77%.

Institutional Investors Weigh In On South Plains Financial

Several hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its holdings in shares of South Plains Financial by 41.6% during the 4th quarter. Wells Fargo & Company MN now owns 15,526 shares of the company’s stock valued at $602,000 after purchasing an additional 4,560 shares in the last quarter. HRT Financial LP purchased a new position in South Plains Financial in the fourth quarter valued at $208,000. Swiss National Bank raised its position in shares of South Plains Financial by 3.2% in the fourth quarter. Swiss National Bank now owns 25,633 shares of the company’s stock worth $995,000 after acquiring an additional 800 shares during the period. Empowered Funds LLC raised its position in shares of South Plains Financial by 10.5% in the fourth quarter. Empowered Funds LLC now owns 91,763 shares of the company’s stock worth $3,560,000 after acquiring an additional 8,749 shares during the period. Finally, LPL Financial LLC acquired a new stake in shares of South Plains Financial during the 4th quarter valued at about $280,000. Hedge funds and other institutional investors own 54.95% of the company’s stock.

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.