On May 6, 2024, Noe Valles, Director at South Plains Financial Inc (NASDAQ:SPFI), made a significant move by purchasing 40,000 shares of the company, according to a recent SEC filing. This transaction boosted Valles’ total holdings to 143,000 shares, valued at around $1,075,000 based on the current share price.
South Plains Financial Inc functions as a bank holding company for City Bank, offering a variety of banking products and services to businesses and individuals in Texas and New Mexico. The company provides deposit and loan products along with other financial services.
The insider activity at the company has been consistent, with an equal number of insider buys and sells over the past year, totaling 7 transactions each.
With shares of South Plains Financial Inc trading at $25 on the day of the transaction, the company’s market cap stood at approximately $453.83 million. The stock’s price-earnings ratio is 7.39, which is below both the industry median and the company’s historical median.
According to the GF Value, the intrinsic value estimate for South Plains Financial Inc is $23.47 per share, indicating that the stock is modestly overvalued with a price-to-GF-Value ratio of 1.07.
This insider purchase by Director Noe Valles could serve as a signal to investors regarding the perceived value of the stock at current prices, given the insider’s increasing stake in the company. Investors may take note of this move as they evaluate their investment decisions in the financial sector.