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Harold L. Keene buys new Peoples Bankshares stock worth over $6,000 By Investing.com

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Harold L. Keene, director and majority shareholder of New Peoples Bankshares Inc (OTC:NWPP), recently purchased additional shares of the company's common stock, according to a new regulatory filing. Keene acquired shares in two separate transactions, for a total investment of more than $6,000.

The first purchase, which was not reported on time due to a management oversight, took place on June 16, 2023, where Ken purchased 2,000 shares at $2.3 per share. The second transaction took place on May 14, 2024, where 679 shares were acquired at a price of $2.6 per share. These purchases show a price range of $2.3 to $2.6 for New Peoples Bankshares common stock.

Following these transactions, Ken's holdings in the company increased significantly. The shares are held indirectly through HL Keene LLC, indicating that Keene still has confidence in the bank's performance and future prospects.

Investors often watch for insider buying because it may be a signal of an executive's confidence in the company's prospects. Keene's recent purchases may therefore be seen as a positive sign for New Peoples Bankshares, which operates as a government commercial bank.

The company, which is headquartered in Honecker, Virginia, did not issue any official statement regarding these transactions. However, details of the stock purchases are now publicly available for shareholders and potential investors to review.

InvestingPro Insights

In light of Harold L. Keene's recent purchases of New Peoples Bankshares Inc (OTC:NWPP) shares, it's worth noting that the company has been profitable over the last twelve months. InvestingPro advises that New Peoples Bankshares maintained a healthy operating income margin of 25.0% in the 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 is trading near its 52-week high, with the price 96.67% from that peak. This could mean limited near-term upside potential or increased downside risk.

From InvestingPro data, we can see that New Peoples Bankshares has a market capitalization of US$61.87 million and a P/E ratio of 8.93, which reflects the company's current valuation as of Q1 2024. In addition, the earnings yield as of the same period remains at 2.68 %, which may attract income-focused investors. There are many InvestingPro tips available for people's new bank stocks, which can be found at https://www.investing.com/pro/NWPP. Investors looking to access these insights can take advantage of an additional discount using a coupon code ProNews24 Get an extra 10% off Pro and Pro+ subscriptions annually or every two years.

This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.

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