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HARRISBURG, PA—Frank Joel L., a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), a regional bank with a market capitalization of $496 million, has acquired 97 shares of the company’s common stock, according to a recent SEC filing. The shares were purchased at a price of $25.91 each, amounting to a total investment of $2,513. According to InvestingPro analysis, the stock currently trades at an attractive P/E ratio of 8.8x, though slightly above its Fair Value.
This transaction was part of the Director Stock Purchase Plan. Following this acquisition, Joel L. holds a total of 7,939.391 shares, which includes those acquired through the Dividend Reinvestment Plan. The company maintains a solid 3.09% dividend yield and has consistently paid dividends for 15 consecutive years. Additionally, he owns 999 shares of restricted stock, which will fully vest on the first anniversary of the grant date. Analysts maintain a positive outlook, with price targets ranging from $35 to $37.50.
In other recent news, Mid Penn Bancorp Inc. has introduced an Executive Annual Incentive Plan, aiming to bolster the company’s profitability and growth. This plan, approved by the Board of Directors, is designed 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. These objectives, determined by the Compensation Committee, may involve metrics like net income, efficiency ratio, and tangible book value growth. The plan also allows for discretionary bonuses, with maximums tied to annual performance targets. Bonuses are subject to satisfactory performance evaluations and will be distributed by March 15th following each plan year. Equity awards will be given as restricted stock with a three-year vesting period, adhering to the company’s 2023 Stock Incentive Plan. Additionally, all awards are subject to recovery or clawback provisions based on company policy or applicable laws.
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