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Robert A. Abel, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired additional shares of the company’s common stock. According to a recent SEC filing, Abel purchased 20 shares at a price of $25.91 each, amounting to a total transaction value of $518. The regional bank, with a market capitalization of approximately $497 million, currently trades at $25.62 per share and maintains a solid 3.1% dividend yield. InvestingPro data shows the company has maintained dividend payments for 15 consecutive years.
This purchase was made through the Director Stock Purchase Plan. Following this acquisition, Abel’s direct ownership stands at 6,446.88 shares. Additionally, Abel holds an indirect interest in 26,530.03 shares through the Robert and Julie Abel Living Trust, as well as 999 shares of restricted stock, which are set to vest fully on the first anniversary of the grant date. The stock currently trades at an attractive P/E ratio of 8.8x, with analysts setting price targets between $35 and $37.50.
Investors often keep an eye on insider transactions like these as they can provide insights into the confidence levels of company executives. For deeper insights into MPB’s valuation metrics and additional ProTips, visit InvestingPro.
In other recent news, Mid Penn Bancorp Inc. announced the launch of a new Executive Annual Incentive Plan aimed at boosting the company’s profitability and growth. This plan, approved by the Board of Directors, is structured to align the financial interests of the executive team with the company’s overall performance. It allows for annual cash and/or equity bonuses based on specific performance objectives set each year by the Compensation Committee. These objectives may include metrics such as net income, efficiency ratio, and tangible book value growth. The incentive plan also incorporates discretionary bonuses, with performance targets and maximums communicated annually. Bonuses will be paid by March 15th following the plan year, with equity awards distributed as restricted stock under a three-year vesting period. All awards are subject to recovery or clawback provisions according to company policy or applicable laws. This initiative is part of Mid Penn Bancorp’s strategy to attract, motivate, and retain key contributors to its success.
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