Top Buys by Directors: Valles's $2.1M Bet on SPFI

By Dividend Channel Staff, Wednesday, March 6, 11:42 AM ET

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Top Insider Buys By Company Directors »

The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $2.1M invested across 2 purchases by Noe G. Valles, Director at South Plains Financial Inc (NASDAQ:SPFI).

Valles bets big on SPFI:

Purchased	Insider	Title	Shares	Price/Share	Value
02/06/2024	Noe G. Valles	Director	30,000	$27.00	$810,000.00
02/27/2024	Noe G. Valles	Director	50,000	$25.00	$1,250,000.00

Valles's average cost works out to $25.75/share. Shares of South Plains Financial Inc were changing hands at $26.01 at last check, trading off about 0.5% on Wednesday. The chart below shows the one year performance of SPFI shares, versus its 200 day moving average:

South Plains Financial Inc Chart

Looking at the chart above, SPFI's low point in its 52 week range is $18.75 per share, with $30.22 as the 52 week high point — that compares with a last trade of $26.01.

The current annualized dividend paid by South Plains Financial Inc is $0.52/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 01/26/2024. Below is a long-term dividend history chart for SPFI, which can be of good help in judging whether the most recent dividend with approx. 2.0% annualized yield is likely to continue.

Free Report: Top 8%+ Dividends (paid monthly)

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Top Buys by Directors: Valles's $2.1M Bet on SPFI

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