In a recent transaction, Brian Arden Sr., a director of Mid Penn Bancorp Inc. (NASDAQ:MPB), has increased his stake in the company by purchasing shares valued at approximately $4,982. The transaction took place on June 28, 2024, reflecting the director's confidence in the financial institution's potential.
According to the details of the transaction, Hudson (NYSE:HUD) acquired 227 shares of Mid Penn Bancorp, at a price of $21.95 per share. Following the purchase, Hudson's total ownership in the company's common stock reached 6,135.319 shares. Additionally, it was noted that Hudson's balance includes shares acquired through the Dividend Reinvestment Plan.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates as a state commercial bank and has a fiscal year-end on December 31. The company's business phone is listed as 866-642-7736, and the business address matches that of Hudson's reported address.
The transaction was executed under the Director Stock Purchase Plan, indicating an ongoing commitment by the company's leadership to align their interests with those of the shareholders. Furthermore, Hudson also holds 999 shares in the form of restricted stock, which are set to vest on the first anniversary of the date of grant.
The purchase by a director often signals to investors a positive outlook from an insider on the company's future performance. Hudson's investment adds to the insider activity that market participants may consider when analyzing the company's stock performance and future prospects.
In other recent news, Mid Penn Bancorp has seen an increase in earnings for Q1 2024. The company reported a net income available to common shareholders of $12.1 million, exceeding analyst consensus estimates. This growth was accompanied by a significant surge in loans, with a $64.7 million increase for the quarter, and a continuation in deposit growth. The company's tangible book value per common share also increased, reaching $25.23 at the end of the quarter.
A recent development from Piper Sandler reaffirmed its Overweight rating on Mid Penn Bancorp, maintaining a $25.00 price target for the bank's shares. This followed a series of investor meetings with the senior management of Mid Penn Bancorp. Piper Sandler's endorsement is rooted in the bank's solid credit profile and its commitment to controlling expenses. The firm also pointed out that despite the bank's underperformance in the market, the current share price represents a good value for investors. These are among the recent developments concerning Mid Penn Bancorp.
InvestingPro Insights
Mid Penn Bancorp Inc. (NASDAQ:MPB) has shown a notable performance in recent times, with data reflecting a significant return over the last week. As of the latest data, the company's shares have seen a 1-week price total return of 7.82%. This aligns with the sentiments of Brian Arden Sr.'s recent share purchase, suggesting a positive outlook on the company's trajectory.
Despite some concerns, as analysts have revised their earnings downwards for the upcoming period, Mid Penn Bancorp has maintained an attractive dividend yield of 3.67%, with dividend payments being consistent for 14 consecutive years. This could be appealing for income-focused investors. Additionally, the company's fair value, as estimated by analysts, stands at 26 USD, while InvestingPro's fair value calculation is slightly lower at 22.61 USD, indicating potential room for growth from its previous close price of 21.79 USD.
For those interested in deeper analysis, InvestingPro offers additional insights and metrics that can further inform investment decisions. There are 5 more InvestingPro Tips available for Mid Penn Bancorp at Investing.com/pro/MPB. To access these insights, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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