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Theodore W. Mowery, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently increased his stake in the company by purchasing shares. According to a filing with the Securities and Exchange Commission, Mowery acquired 69 shares of the company's common stock on December 31, 2024, at a price of $28.84 per share, totaling approximately $1,989. The purchase comes as the stock has shown strong momentum, gaining over 32% in the past six months. InvestingPro analysis indicates the stock is currently trading above its Fair Value.
This acquisition was made through the Director Stock Purchase Plan, and following the transaction, Mowery directly owns 37,742.875 shares. Additionally, he holds shares indirectly through an IRA and by his spouse, as well as restricted stock that will fully vest on the first anniversary of the grant date. The company maintains a 2.77% dividend yield and has consistently paid dividends for 14 consecutive years. InvestingPro subscribers can access additional insights, including 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 shares were sold at a public offering price of $29.50 per share, with Stephens Inc. and Piper Sandler & Co. acting as representatives for the underwriters. This development is part of the company's efforts to increase its capital, providing increased financial flexibility for future growth initiatives.
In terms of earnings, Mid Penn Bancorp reported an improvement in its earnings per share (EPS), with $0.74 for the third quarter of 2024. This increase was primarily due to higher-than-expected net interest income and fee income. The company's pre-provision net revenue (PPNR) also exceeded initial forecasts after adjustments for certain expenses.
Piper Sandler, a financial services firm, upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment followed the company's strong performance in the second quarter, where it reported an EPS of $0.71, again beating estimates. Mid Penn Bancorp's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. The company also reported higher capital levels for the quarter, despite not engaging in any share repurchases. These are some of the recent developments surrounding Mid Penn Bancorp.
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