Frank Joel L., a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 1,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were purchased on November 1 at a price of $29.50 each, totaling $29,500.
Following this transaction, Frank Joel L. holds a total of 7,701.2 shares, including those acquired through the Dividend Reinvestment Plan. Additionally, he possesses 999 shares of restricted stock, which will vest fully on the first anniversary of the grant date. The transactions reflect Frank Joel L.'s direct ownership in the company.
In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares of common stock at $29.50 per share, aiming to raise $70 million. The offering is managed by Stephens Inc. and Piper Sandler & Co. and is part of the bank's strategy to support growth initiatives. Mid Penn Bancorp also reported an improvement in earnings per share (EPS) for the third quarter of 2024, recording $0.74, primarily due to higher net interest income and fee income.
The bank's pre-provision net revenue (PPNR) also surpassed initial forecasts. In addition to these developments, Piper Sandler has upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment follows the bank's strong performance in the second quarter, where it reported an EPS of $0.71, exceeding estimates.
Mid Penn Bancorp's credit profile remains strong, with nonperforming assets showing only a slight increase due to a single loan migration. The bank reported higher capital levels for the quarter, despite not engaging in any share repurchases. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
The recent insider purchase by director Frank Joel L. aligns with several positive indicators for Mid Penn Bancorp Inc. (NASDAQ:MPB). According to InvestingPro data, the company's stock has shown strong performance, with a 47.94% price total return over the past six months and a 58.55% return over the last year. This upward trend suggests growing investor confidence in the bank's prospects.
MPB's financial health appears robust, with a P/E ratio of 10.73, indicating that the stock may be undervalued relative to its earnings. This is further supported by an InvestingPro Tip highlighting that MPB is trading at a low P/E ratio relative to its near-term earnings growth, which could be attractive to value-oriented investors like the director who recently increased his stake.
Another InvestingPro Tip notes that MPB has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. This consistent dividend policy, combined with the current dividend yield of 2.58%, may be a factor in the director's decision to increase his position.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for MPB, providing a deeper understanding of the company's financial position and market performance.
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