On August 15, 2024, Noe Valles, a Director at South Plains Financial Inc (SPFI, Financial), purchased 50,000 shares of the company, as reported in a recent SEC Filing. This transaction increased the insider's holdings to 336,437 shares.
South Plains Financial Inc operates as a bank holding company for City Bank, a provider of commercial and consumer financial services to small and medium-sized businesses and individuals in Texas and New Mexico.
The shares were bought at a price of $30 each, valuing the transaction at $1,500,000. Following this purchase, the market cap of South Plains Financial Inc stands at $528.469 million.
The company's current price-earnings ratio is 11.94, which is above the industry median of 9.98. The GF Value of the stock is $25.81, indicating that the stock is Modestly Overvalued with a price-to-GF-Value ratio of 1.16.
Over the past year, Noe Valles has increased his stake in the company significantly, purchasing a total of 170,000 shares. There have been 4 insider buys and 11 insider sells in the company over the same period.
This insider buying activity could be a signal to investors about the insider’s confidence in the future prospects of South Plains Financial Inc.
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