Mid Penn Bancorp director buys $2,509 in shares

In a recent SEC filing, Mid Penn Bancorp Inc. (NASDAQ:MPB), a regional bank with a market capitalization of $553 million, reported that Frank Joel L., a director of the company, acquired additional shares of the bank. On December 31, 2024, Mr. Frank purchased 87 shares of the company's common stock at a price of $28.84 per share, totaling approximately $2,509. The stock has shown strong momentum with a 32% gain over the past six months, according to InvestingPro data. This purchase was made through the Director Stock Purchase Plan. Following this transaction, Mr. Frank holds a total of 7,813.413 shares directly. Additionally, he owns 999 shares of restricted stock, which will fully vest on the first anniversary of the grant date. The bank maintains a solid 2.77% dividend yield and has maintained dividend payments for 14 consecutive years. InvestingPro subscribers can access additional insights, including 7 more key investment tips for MPB.

In other recent news, Mid Penn Bancorp has completed the sale of an additional 356,250 shares of common stock, following the company's initial public offering of 2,375,000 shares. This development is part of the company's efforts to increase its capital and support future growth initiatives. The shares were sold at a public offering price of $29.50 per share, with Stephens Inc. and Piper Sandler & Co. acting as representatives for the underwriters.

Mid Penn Bancorp's earnings per share (EPS) for the third quarter of 2024 was reported at $0.74, surpassing both analysts' and consensus estimates, primarily due to higher-than-expected net interest income and fee income. In addition, Piper Sandler, a financial services firm, upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating.

The company's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. Despite not engaging in any share repurchases, Mid Penn Bancorp reported higher capital levels for the quarter. These are the recent developments surrounding Mid Penn Bancorp.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.