South Plains Financial (NASDAQ:SPFI) Short Interest Update

South Plains Financial (NASDAQ:SPFI) saw a large increase in short interest in September. As of September 30th, there was short interest totalling 64,400 shares, an increase of 29.1% from the September 15th total of 49,900 shares. Based on an average daily volume of 14,000 shares, the short-interest ratio is presently 4.6 days. Currently, 0.6% of the company’s stock are sold short.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPFI. Bank of New York Mellon Corp raised its position in South Plains Financial by 64.5% in the 1st quarter. Bank of New York Mellon Corp now owns 33,293 shares of the company’s stock valued at $516,000 after buying an additional 13,055 shares during the last quarter. State Street Corp raised its position in South Plains Financial by 9.1% in the 1st quarter. State Street Corp now owns 137,409 shares of the company’s stock valued at $2,128,000 after buying an additional 11,505 shares during the last quarter. JPMorgan Chase & Co. raised its position in South Plains Financial by 42.1% in the 1st quarter. JPMorgan Chase & Co. now owns 17,832 shares of the company’s stock valued at $276,000 after buying an additional 5,284 shares during the last quarter. Victory Capital Management Inc. raised its position in South Plains Financial by 37.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,054 shares of the company’s stock valued at $109,000 after buying an additional 1,934 shares during the last quarter. Finally, Citigroup Inc. raised its position in South Plains Financial by 45.0% in the 1st quarter. Citigroup Inc. now owns 2,941 shares of the company’s stock valued at $46,000 after buying an additional 913 shares during the last quarter. 21.59% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on SPFI. BidaskClub upgraded South Plains Financial from a “sell” rating to a “hold” rating in a report on Tuesday, October 13th. Zacks Investment Research upgraded South Plains Financial from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Friday.

Shares of SPFI opened at $14.59 on Friday. South Plains Financial has a 12-month low of $11.30 and a 12-month high of $22.00. The business’s fifty day moving average is $13.72 and its 200 day moving average is $13.50. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 0.72. The stock has a market cap of $263.48 million, a P/E ratio of 8.63 and a beta of 0.45.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $55.34 million during the quarter, compared to analyst estimates of $48.80 million. South Plains Financial had a return on equity of 9.80% and a net margin of 14.60%. On average, analysts expect that South Plains Financial will post 1.55 EPS for the current year.

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, Community Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.

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