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Mid Penn Bancorp Inc. (NASDAQ:MPB) director John E. Noone has increased his stake in the company by purchasing 1,000 shares of common stock. The transaction, dated April 28, 2025, was executed at a price of $28.1769 per share, amounting to a total purchase value of $28,176. The purchase price aligns closely with InvestingPro’s Fair Value assessment, suggesting the stock is fairly valued at current levels.
Following this acquisition, Noone’s total direct and indirect holdings in Mid Penn Bancorp include 41,400 shares owned through the John E. Noone Trust, 22,327.017 shares held directly—part of which were acquired through the Dividend Reinvestment Plan—and additional shares held in various retirement accounts. The bank has maintained dividend payments for 15 consecutive years, currently offering a 2.76% yield.
This purchase reflects Noone’s continued confidence in Mid Penn Bancorp, a financial services company based in Pennsylvania. The $551.82 million market cap bank trades at an attractive P/E ratio of 9.92 and has delivered a remarkable 47.55% return over the past year, with InvestingPro analysis indicating a GOOD overall financial health score. Unlock additional insights and 6 more exclusive ProTips by subscribing to InvestingPro.
In other recent news, Mid Penn Bancorp reported its first-quarter 2025 earnings, revealing a net income available to common shareholders of $13.7 million, or $0.71 per diluted common share, surpassing the consensus analyst estimate of $0.63 per share. The company also announced a cash dividend of $0.20 per common share, marking its 58th consecutive quarterly dividend. Mid Penn’s net interest margin increased to 3.37% from 2.97% in the same period last year, attributed to reduced deposit costs following interest rate cuts. Additionally, the company experienced loan growth of $48.1 million and deposit growth of $42.3 million during the quarter. In merger news, Mid Penn Bancorp is set to complete its merger with William Penn Bancorporation, having received all necessary regulatory and shareholder approvals. This merger, expected to close in the middle of the second quarter of 2025, is anticipated to expand Mid Penn’s reach into the Greater Philadelphia Metro market and beyond. The companies project that post-merger, Mid Penn will have assets totaling approximately $6.3 billion. Both Mid Penn and William Penn have emphasized potential opportunities and benefits from the merger, while also acknowledging the risks and uncertainties involved.
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