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John E. Noone, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), has acquired 1,000 shares of the company’s common stock, according to a recent SEC filing. The transaction, dated May 23, 2025, was valued at approximately $26,600, with shares purchased at a price of $26.60 each. Following this purchase, Noone holds a total of 43,400 shares indirectly through the John E. Noone Trust. The $526 million market cap regional bank, currently trading at $27.15, appears slightly undervalued according to InvestingPro Fair Value metrics. The bank maintains a healthy 3% dividend yield and has consistently paid dividends for 15 consecutive years.
Additionally, Noone’s direct ownership includes 22,327.017 shares, a figure that accounts for shares acquired through the company’s Dividend Reinvestment Plan. His indirect holdings also comprise 1,200 shares via an IRA and 2,500 shares through a SEP IRA. Furthermore, Noone holds 1,945 shares of restricted stock, which will fully vest on the first anniversary of the grant date. InvestingPro analysis reveals the stock trades at an attractive P/E ratio of 9.45, with additional insights available to subscribers.
In other recent news, Mid Penn Bancorp reported a significant increase in net income for the first quarter of 2025, with earnings reaching $13.7 million or $0.71 per diluted share, exceeding analyst expectations of $0.63 per share. The company also announced a dividend increase, with a cash dividend of $0.20 per common share set to be paid on May 26, 2025. Additionally, Mid Penn Bancorp has confirmed the impending completion of its merger with William Penn Bancorporation, expected to finalize around April 30, 2025, after receiving all necessary regulatory and shareholder approvals. The merger aims to expand Mid Penn’s market reach and enhance shareholder value, although management has cautioned about potential risks and uncertainties. In a recent shareholder meeting, Mid Penn Bancorp’s proposals, including the election of directors and executive compensation, received overwhelming support. Furthermore, shareholders ratified the appointment of RSM US LLP as the independent registered public accounting firm for the fiscal year. These developments reflect Mid Penn Bancorp’s ongoing strategic initiatives and financial performance.
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