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

South Plains Financial, Inc. (NASDAQ:SPFIGet Free Report) saw a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 31,200 shares, a decline of 23.5% from the May 15th total of 40,800 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average trading volume of 32,700 shares, the short-interest ratio is presently 1.0 days.

South Plains Financial Price Performance

South Plains Financial stock traded down $0.36 during trading hours on Friday, hitting $25.27. 18,567 shares of the stock were exchanged, compared to its average volume of 33,280. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $414.93 million, a P/E ratio of 6.76 and a beta of 0.56. South Plains Financial has a 12 month low of $21.96 and a 12 month high of $30.22. The business’s 50-day moving average is $26.40 and its two-hundred day moving average is $26.95.

South Plains Financial (NASDAQ:SPFIGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.06. South Plains Financial had a net margin of 21.23% and a return on equity of 11.19%. The firm had revenue of $46.78 million for the quarter, compared to analysts’ expectations of $45.20 million. Equities research analysts expect that South Plains Financial will post 2.39 EPS for the current fiscal year.

South Plains Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 13th. Stockholders of record on Monday, April 29th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. South Plains Financial’s dividend payout ratio (DPR) is currently 14.97%.

Institutional Trading of South Plains Financial

Several hedge funds have recently modified their holdings of the stock. Rosenthal Henry Capital Advisors Inc. acquired a new position in South Plains Financial in the fourth quarter valued at approximately $2,444,000. Vanguard Group Inc. lifted its holdings in South Plains Financial by 2.3% in the first quarter. Vanguard Group Inc. now owns 541,732 shares of the company’s stock valued at $14,497,000 after buying an additional 12,196 shares during the period. Salzhauer Michael acquired a new position in South Plains Financial in the first quarter valued at approximately $268,000. Citigroup Inc. raised its holdings in South Plains Financial by 85.7% in the third quarter. Citigroup Inc. now owns 19,699 shares of the company’s stock worth $521,000 after purchasing an additional 9,090 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in South Plains Financial by 3.8% in the first quarter. Acadian Asset Management LLC now owns 209,145 shares of the company’s stock worth $5,595,000 after purchasing an additional 7,562 shares during the period. 54.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Hovde Group lowered their price objective on shares of South Plains Financial from $34.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th.

Read Our Latest Analysis on South Plains Financial

About South Plains Financial

(Get Free Report)

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.

Further Reading

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