HARRISBURG, PA—Joan E. Dickinson, Chief Retail Officer of Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 678 shares of the company's common stock, according to a recent SEC filing. The shares were purchased at a price of $29.50 each, totaling approximately $20,001. Following this transaction, Dickinson holds 4,492.655 shares directly. Additionally, she possesses 1,891 shares of restricted stock, which are subject to vesting conditions. This acquisition reflects Dickinson's continued investment in the company, enhancing her stake in the regional bank headquartered in Pennsylvania.
In other recent news, Mid Penn Bancorp, the parent company of Mid Penn Bank, has announced a public offering of 2,375,000 shares at $29.50 per share, aiming to raise $70 million. The bank is offering underwriters a 30-day option to purchase up to an additional 356,250 shares at the public offering price, minus underwriting discounts. The offering, managed by Stephens Inc. and Piper Sandler & Co., is expected to net approximately $67 million, which will be used to support various growth initiatives.
In terms of earnings, Mid Penn Bancorp reported an earnings per share (EPS) of $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates. This favorable performance was mainly attributed 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.
Lastly, Mid Penn Bancorp's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. The bank reported higher capital levels for the quarter, despite not engaging in any share repurchases, with $5 million remaining under the current authorization. These are among the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
Joan E. Dickinson's recent purchase 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 data revealing a remarkable 58.55% price total return over the past year and a 47.94% return in the last six months. This upward trajectory suggests investor confidence in the bank's prospects.
InvestingPro Tips point out that MPB is trading at a low P/E ratio relative to its near-term earnings growth, with a current P/E ratio of 10.73. This could indicate that the stock is undervalued, potentially explaining Dickinson's decision to increase her stake. Additionally, the company has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns that aligns with its high shareholder yield.
The bank's financial health appears robust, with InvestingPro data showing a revenue of $172.75 million in the last twelve months as of Q3 2023, representing a 4.11% growth. Moreover, MPB boasts a strong operating income margin of 36.97%, indicating efficient management of its operations.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp Inc., providing a deeper understanding of the company's financial position and market performance.
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