Harold L. Keene, a director and significant shareholder of New Peoples Bankshares Inc (OTC:NWPP), has recently purchased additional shares of the company's common stock, according to a new regulatory filing. Keene acquired shares in two separate transactions, with a total investment exceeding $6,000.
The first purchase, which was not reported on time due to an administrative oversight, took place on June 16, 2023, where Keene bought 2,000 shares at a price of $2.3 per share. The second transaction occurred on May 14, 2024, with 679 shares acquired at $2.6 each. These purchases show a price range between $2.3 and $2.6 for the common stock of New Peoples Bankshares.
Following these transactions, Keene's holdings in the company have increased significantly. The shares are held indirectly through H.L. Keene LLC, indicating that Keene continues to have confidence in the bank's performance and future prospects.
Investors often monitor insider buying as it can be a signal of an executive’s confidence in the company's outlook. Keene's recent purchases may therefore be seen as a positive sign for New Peoples Bankshares, which operates as a state commercial bank.
The company, headquartered in Honaker, Virginia, has not made any official statement regarding these transactions. However, the details of the stock purchases are now publicly accessible for shareholders and potential investors to review.
InvestingPro Insights
In light of Harold L. Keene's recent stock purchases of New Peoples Bankshares Inc (OTC:NWPP), it's worth noting that the company has been profitable over the last twelve months. An InvestingPro Tip indicates that New Peoples Bankshares has maintained a healthy operating income margin of 25.0% in that period. This profitability could be a contributing factor to Keene's confidence in the company's future performance and potential for growth.
Despite the company's profitability, another InvestingPro Tip suggests caution as the stock is currently in overbought territory according to the Relative Strength Index (RSI), and it is trading near its 52-week high, with the price being at 96.67% of this peak. This might imply limited upside potential in the near term or an increased risk for a pullback.
From the InvestingPro Data, we can see that New Peoples Bankshares has a market capitalization of 61.87M USD and a P/E ratio of 8.93, reflecting the company's current valuation as of Q1 2024. Additionally, the dividend yield as of the same period stands at 2.68%, which might appeal to income-focused investors. There are many more InvestingPro Tips available for New Peoples Bankshares, which can be found at https://www.investing.com/pro/NWPP. Investors looking to access these insights can benefit from an additional discount by using the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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