Japan PPI inflation slips to 11-mth low in July
Following this acquisition, Brumbaugh holds 8,809.039 shares directly. Additionally, she has 1,099.375 shares indirectly through an IRA, and 999 shares as restricted stock, which are set to vest fully on the first anniversary of the grant date. The purchase was made through the Director Stock Purchase Plan, and the share balance includes those acquired via the Dividend Reinvestment Plan. Trading at a P/E ratio of 9.95 and near its 52-week high of $33.87, InvestingPro subscribers can access detailed valuation metrics and seven additional exclusive insights about MPB's financial health and growth prospects. Trading at a P/E ratio of 9.95 and near its 52-week high of $33.87, InvestingPro subscribers can access detailed valuation metrics and seven additional exclusive insights about MPB's financial health and growth prospects.
Following this acquisition, Brumbaugh holds 8,809.039 shares directly. Additionally, she has 1,099.375 shares indirectly through an IRA, and 999 shares as restricted stock, which are set to vest fully on the first anniversary of the grant date. The purchase was made through the Director Stock Purchase Plan, and the share balance includes those acquired via the Dividend Reinvestment Plan.
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 an underwriting agreement. This follows the company's initial public offering of 2,375,000 shares at a public offering price of $29.50 per share, managed by Stephens Inc. and Piper Sandler & Co. These recent developments are in line with the company's efforts to strengthen its financial position and support future growth initiatives.
Mid Penn Bancorp also reported an improvement in its earnings per share (EPS) for the third quarter of 2024, reaching $0.74, primarily due to higher-than-expected net interest income and fee income. This surpassed both analysts' and consensus estimates. Furthermore, the company's pre-provision net revenue (PPNR) exceeded initial forecasts after adjusting for certain expenses.
On the analyst front, financial services firm Piper Sandler upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment followed the company's strong performance in the second quarter, where it reported an EPS of $0.71, beating estimates. Despite a slight increase in nonperforming assets (NPAs) due to a single loan migration, Mid Penn Bancorp's credit profile remains strong. The company reported higher capital levels for the quarter, even without engaging in any share repurchases.
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