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Matthew G. De Soto, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently purchased additional shares of the company's stock. According to a filing with the Securities and Exchange Commission, De Soto acquired 278 shares at a price of $28.84 each, totaling approximately $8,017. This transaction was executed on December 31, 2024. The regional bank, with a market capitalization of $553 million, has seen its stock surge 32% over the past six months. InvestingPro analysis suggests the stock is currently trading above its Fair Value. Following this purchase, De Soto holds 100,586.713 shares directly. Additionally, he maintains indirect ownership of 2,292 shares through a custodial account for his children and 78 shares through L T D Investments. De Soto also holds 999 shares of restricted stock, which are set to vest fully on the first anniversary of the grant date. The company trades at an attractive P/E ratio of 9.86 and offers a 2.77% dividend yield, having maintained dividend payments for 14 consecutive years. InvestingPro subscribers can access additional insights and 7 more ProTips about MPB's financial health and growth prospects.
In other recent news, Mid Penn Bancorp has finalized the sale of an additional 356,250 shares of common stock as part of a recent underwriting agreement, following its initial public offering of 2,375,000 shares. The sale is expected to provide the Pennsylvania-based bank with increased financial flexibility to support future growth initiatives. In further developments, Mid Penn Bancorp's earnings per share (EPS) improved to $0.74 for the third quarter of 2024, primarily due to higher-than-expected net interest income and fee income. Financial services firm Piper Sandler upgraded its price target for the bank's shares to $35.00, maintaining an Overweight rating, following strong performance in the second quarter. Despite a slight increase in nonperforming assets, Mid Penn Bancorp's credit profile remains strong, and the bank reported higher capital levels for the quarter. These are the latest updates in the recent series of events surrounding Mid Penn Bancorp.
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