Theodore W. Mowery, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 3,390 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The purchase, made on November 1, 2024, was executed at a price of $29.50 per share, totaling $100,005.
Following this transaction, Mowery holds a direct ownership of 37,466.691 shares. Additionally, he maintains indirect ownership of 21,536.55 shares through an Individual Retirement Account (IRA) and 250 shares owned by his spouse. Mowery also has 999 shares of restricted stock, which are set to fully vest on the first anniversary of the grant date.
The filing also notes that the share balance includes those acquired via the Dividend Reinvestment Plan.
In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares of common stock at a price of $29.50 per share, aiming to raise $70 million. The offering is managed by Stephens Inc. and Piper Sandler & Co., with the bank expecting to net approximately $67 million. The proceeds are planned to support growth initiatives, including potential redemption of subordinated debt, future strategic transactions, and general corporate purposes.
In financial highlights, Mid Penn Bancorp reported an earnings per share (EPS) of $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates, primarily due to higher-than-expected net interest income and fee income. The bank's pre-provision net revenue (PPNR) also exceeded initial forecasts after adjustments for certain expenses.
Piper Sandler, a financial services firm, has upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment follows the bank's strong performance in the second quarter, where it reported an EPS of $0.71, again beating estimates. The bank's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
Theodore W. Mowery's recent acquisition of Mid Penn Bancorp Inc. (NASDAQ:MPB) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with InvestingPro Tips noting a "high return over the last year" and a "strong return over the last three months." This is further supported by the data showing a 58.55% one-year price total return and a 19.31% three-month price total return.
The director's purchase may also be influenced by the company's attractive valuation metrics. Mid Penn Bancorp is currently trading at a P/E ratio of 10.73, which InvestingPro Tips describes as "low relative to near-term earnings growth." This is complemented by a price-to-book ratio of 0.9, suggesting the stock may be undervalued relative to its book value.
Investors considering following Mowery's lead might be encouraged by Mid Penn Bancorp's dividend history. An InvestingPro Tip highlights that the company "has maintained dividend payments for 14 consecutive years," with a current dividend yield of 2.58%. This consistent dividend policy could be particularly appealing to income-focused investors.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.