In a recent filing with the Securities and Exchange Commission, Blaine Scott White, a director and a ten percent owner of New Peoples Bankshares Inc. (OTC:NWPP), disclosed a significant purchase of company stock. On November 6, White acquired 124,754 shares of common stock at a price of $2.66 per share, amounting to a total transaction value of $331,845. This acquisition was conducted indirectly through Sky Investments LLC, a firm associated with White.
Following this purchase, White's total holdings in New Peoples Bankshares, including various trusts and entities, increased to over 1.4 million shares. This transaction highlights White's continued investment and confidence in the bank's future prospects.
InvestingPro Insights
The recent stock purchase by director Blaine Scott White aligns with several positive indicators for New Peoples Bankshares Inc. (OTC:NWPP). According to InvestingPro data, the company's stock has shown strong performance, with a year-to-date price total return of 20.03% as of the latest available data. This upward trend is further supported by the stock trading at 90.17% of its 52-week high, suggesting investor confidence in the company's trajectory.
InvestingPro Tips reveal that New Peoples Bankshares has been profitable over the last twelve months, which may have influenced White's decision to increase his stake. The company's P/E ratio of 9.21 indicates that the stock may be undervalued compared to the broader market, potentially offering an attractive entry point for investors like White.
However, it's worth noting that an InvestingPro Tip suggests the stock's RSI indicates it may be in overbought territory, which could signal a potential short-term pullback. Investors considering following White's lead might want to consider this factor in their decision-making process.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a fuller picture of New Peoples Bankshares' financial health and market position.
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