BofA’s Hartnett says concentrated U.S. stock returns are likely to persist
HARRISBURG, PA—Matthew G. De Soto, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), has made a series of stock purchases totaling $104,719, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on February 4, involved the acquisition of shares at prices ranging from $28.8193 to $29.2444 each. The timing appears favorable, as the bank’s shares have delivered an impressive 45% return over the past year, while trading at an attractive P/E ratio of 10.1.
Following these transactions, De Soto’s total direct ownership in Mid Penn Bancorp increased to 103,161.713 shares. Additionally, he holds indirect ownership of shares through a PUTMA for Children, amounting to 3,327 shares, and 78 shares via L T D Investments. According to InvestingPro data, the bank, currently valued at $574 million, shows strong fundamentals with multiple positive indicators.
The purchases reflect De Soto’s continued confidence in the bank’s prospects, as he expands his stake in the Pennsylvania-based financial institution. Mid Penn Bancorp operates as a state commercial bank, providing a range of financial services to its clients.
In other recent news, Mid Penn Bancorp has been active in major developments. The company established a new Executive Annual Incentive Plan aimed at bolstering profitability and growth. This plan, approved by the Board of Directors, aligns the financial interests of the executive team with the company’s overall performance, with incentives set to match corporate objectives. Bonuses under the plan will be issued based on the achievement of specific performance objectives, determined by the Compensation Committee of the Board.
Simultaneously, Mid Penn Bancorp completed an additional stock sale, issuing and selling 356,250 shares of common stock as part of a recent underwriting agreement. This follows the company’s initial public offering of 2,375,000 shares of common stock. Stephens Inc. and Piper Sandler & Co. acted as representatives for the underwriters in this transaction.
These recent developments highlight Mid Penn Bancorp’s strategic efforts to increase its capital and provide increased financial flexibility to support its future growth initiatives. The details of these initiatives can be found in the company’s filings with the United States Securities and Exchange Commission.
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