Amcor stock falls after Raymond James reiterates Market Perform rating
In a recent transaction, Rory G. Ritrievi, President and CEO of Mid Penn Bancorp Inc. (NASDAQ:MPB), acquired 93 shares of the company’s common stock. The shares were purchased at an average price of $26.635 each, resulting in a total transaction value of approximately $2,477. The regional bank, currently valued at $510 million, trades at an attractive P/E ratio of 9.1 and offers a dividend yield of nearly 3%. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value estimate. This acquisition increases Ritrievi’s indirect ownership in the company, held in an IRA, to 10,904.619 shares.
Additionally, Ritrievi maintains direct ownership of 52,656.769 shares of common stock, which includes shares acquired through the Dividend Reinvestment Plan. He also holds 34,603 shares of common restricted stock, which vest according to the terms of each respective grant.
In other recent news, Mid Penn Bancorp has reported a strong start to 2025 with first-quarter earnings that exceeded analyst expectations. The company achieved a net income of $13.7 million, or $0.71 per diluted common share, surpassing the consensus estimate of $0.63. This performance was accompanied by a rise in net interest margin to 3.37%, reflecting favorable conditions following Federal Reserve interest rate cuts. Mid Penn Bancorp also announced a merger with William Penn Bancorporation, with the transaction expected to close soon, having received all necessary regulatory and shareholder approvals. The merger aims to expand Mid Penn’s footprint into the Greater Philadelphia Metro area and parts of New Jersey, with anticipated assets of approximately $6.3 billion post-merger. Shareholders of Mid Penn and William Penn have shown strong support for the merger, with over 96% and 98% approval, respectively. Additionally, Mid Penn Bancorp declared a cash dividend of $0.20 per common share, marking its 58th consecutive quarterly dividend. These developments reflect Mid Penn’s strategic growth initiatives and robust financial health.
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