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Matthew G. De Soto, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired additional shares in the company, according to a filing with the Securities and Exchange Commission. On May 23, De Soto purchased a total of 1,875 shares of Mid Penn Bancorp common stock. The transactions were carried out at prices ranging from $26.6446 to $26.6839 per share, amounting to a total value of approximately $49,990. The purchase price appears strategic, as InvestingPro data shows the stock currently trades at an attractive 0.79 price-to-book ratio, with analysts setting a $35 price target.
Following these acquisitions, De Soto’s direct ownership in Mid Penn Bancorp increased to 110,013 shares. Additionally, he holds indirect ownership through different entities, including 3,327 shares by PUTMA for Children and 78 shares by L T D Investments. Furthermore, De Soto owns 1,945 shares in the form of restricted stock, which are set to vest 100% on the first anniversary of the grant date. The director’s investment comes as the bank maintains a solid 3% dividend yield, having consistently paid dividends for 15 consecutive years.
These transactions reflect De Soto’s continued confidence in the financial institution, which operates primarily in Pennsylvania. With a market capitalization of $528 million and trading at a low P/E ratio relative to near-term earnings growth, InvestingPro analysis suggests the stock is currently undervalued, with additional insights available to subscribers.
In other recent news, Mid Penn Bancorp reported a strong first quarter of 2025, with net income available to common shareholders reaching $13.7 million, or $0.71 per diluted common share, surpassing the consensus analyst estimate of $0.63 per share. The company also noted a rise in its net interest margin to 3.37% from 2.97% a year earlier, driven by reduced deposit costs following Federal Reserve interest rate cuts. Additionally, Mid Penn announced a cash dividend of $0.20 per common share, marking its 58th consecutive quarterly dividend. In merger developments, Mid Penn is set to complete its acquisition of William Penn Bancorporation, having received all necessary regulatory and shareholder approvals. This merger is anticipated to expand Mid Penn’s presence in the Greater Philadelphia Metro market and beyond. The shareholders of both companies showed overwhelming support for the merger, with over 96% of William Penn shares and more than 98% of Mid Penn shares voting in favor. Furthermore, Mid Penn held its Annual Meeting of Shareholders, where several key proposals, including the election of directors and approval of executive compensation, were passed. The company also ratified RSM US LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025.
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