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In a recent transaction reported to the Securities and Exchange Commission, Theodore W. Mowery, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), purchased 77 shares of the company’s common stock. The shares were acquired at a price of $25.91 each, totaling approximately $1,995. This purchase was made through the Director Stock Purchase Plan. The regional bank, with a market capitalization of $495 million, has maintained dividend payments for 15 consecutive years, currently offering a 3.09% yield.
Following this transaction, Mowery holds a direct ownership of 38,051.793 shares. Additionally, he has indirect ownership of 21,814.089 shares through an Individual Retirement Account (IRA) and 250 shares held by his spouse. Furthermore, Mowery also owns 999 shares of restricted stock, which are set to vest fully on the first anniversary of the grant date. According to InvestingPro, analysts have set price targets ranging from $35 to $37.50, suggesting potential upside from current levels. Discover more insights and 5 additional ProTips with an InvestingPro subscription.
In other recent news, Mid Penn Bancorp Inc. announced the launch of a new Executive Annual Incentive Plan aimed at enhancing profitability and growth. The plan, approved by the Board of Directors, seeks to align the financial interests of the executive team with the company’s performance. It includes annual cash and/or equity bonuses contingent upon meeting specific performance objectives set each year. These objectives, determined by the Compensation Committee, may include metrics like net income and efficiency ratio. The plan also allows for discretionary bonuses with maximum limits communicated alongside annual targets. Bonuses will be issued by March 15th following the plan year, with equity awards distributed as restricted stock with a three-year vesting period. Recovery or clawback provisions apply, ensuring compliance with company policy and applicable laws. This initiative is part of Mid Penn Bancorp’s strategy to attract and retain key contributors.
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