BofA warns Fed risks policy mistake with early rate cuts
This transaction was conducted through the Director Stock Purchase Plan. Following this acquisition, Evans holds a total of 35,084.133 shares in direct ownership, while also maintaining indirect ownership of 1,208 shares held under Frontier Trust FSB, TTEE Fanelli, Evans & Patel, and 999 shares in restricted stock. The $553 million market cap bank has maintained dividend payments for 14 consecutive years and trades at a P/E ratio of 9.86. InvestingPro subscribers can access additional insights, including 7 more ProTips about MPB's valuation and growth prospects. The $553 million market cap bank has maintained dividend payments for 14 consecutive years and trades at a P/E ratio of 9.86. InvestingPro subscribers can access additional insights, including 7 more ProTips about MPB's valuation and growth prospects. This transaction was conducted through the Director Stock Purchase Plan. Following this acquisition, Evans holds a total of 35,084.133 shares in direct ownership, while also maintaining indirect ownership of 1,208 shares held under Frontier Trust FSB, TTEE Fanelli, Evans & Patel, and 999 shares in restricted stock.
In other recent news, Mid Penn Bancorp (NASDAQ:MPB) has finalized an additional stock sale, issuing 356,250 shares of common stock as part of a recent underwriting agreement. This comes after the bank's initial public offering of 2,375,000 shares at a public offering price of $29.50 per share, with Stephens Inc. and Piper Sandler & Co. acting as representatives for the underwriters. This development is part of Mid Penn Bancorp's ongoing efforts to bolster its capital.
The bank has also reported an improved earnings per share (EPS) of $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates, primarily due to higher-than-expected net interest income and fee income. Piper Sandler, a financial services firm, has subsequently upgraded its price target for Mid Penn Bancorp shares to $35.00, while maintaining an Overweight rating.
In addition, Mid Penn Bancorp's credit profile remains robust, with only a slight increase in nonperforming assets due to a single loan migration. The bank also reported higher capital levels for the quarter, despite not engaging in any share repurchases. These are the latest developments in the recent news for Mid Penn Bancorp.
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