In a recent purchase transaction, Albert J. Evans, a director of Mid Penn Bancorp Inc (NASDAQ:MPB), acquired shares of the company's common stock valued at more than $10,000. The transaction, which took place on June 28, 2024, involved the purchase of 456 shares at a price of $21.95 per share.
The acquisition was made through the Director Stock Purchase Plan, as noted in the accompanying footnotes of the filing. This purchase has increased Evans' direct holdings in Mid Penn Bancorp Inc, as he now owns a total of 25,876.855 shares, including those acquired through the Dividend Reinvestment Plan.
Mid Penn Bancorp Inc, headquartered in Harrisburg, Pennsylvania, operates as a state commercial bank. The company's common stock is publicly traded and can be found under the ticker symbol MPB on the NASDAQ stock exchange.
Investors often monitor the buying and selling activities of company insiders like directors and executives, as such transactions can provide insights into their perspective on the company's current valuation and future prospects. Evans' recent purchase adds to his already substantial investment in the bank, signaling his continued confidence in the financial institution's performance and growth potential.
In addition to the common stock, the filing also revealed indirect holdings of 1,208 shares held in the name of Frontier Trust FSB, TTEE Fanelli, Evans & Patel. Furthermore, Evans holds 999 shares of Mid Penn Bancorp Inc's common restricted stock, which vests fully on the first anniversary of the date of grant.
Investors and market watchers will likely keep an eye on future transactions by company insiders to gauge their sentiment and expectations for the bank's trajectory.
In other recent news, Mid Penn Bancorp reported an increase in earnings for the first quarter of 2024. The company announced a net income available to common shareholders of $12.1 million, exceeding analyst consensus estimates. The bank also saw substantial loan growth, with a $64.7 million increase for the quarter, and a deposit growth of $32.9 million. The company's tangible book value per common share increased to $25.23 at the end of the quarter.
In another development, Piper Sandler maintained a $25 price target on Mid Penn Bancorp stock, reaffirming its Overweight rating on the bank's shares. This endorsement is based on the bank's solid credit profile and its commitment to controlling expenses. Despite the bank's underperformance in the market, Piper Sandler suggests that the current share price offers an attractive entry point for investors. These are some of the recent developments for Mid Penn Bancorp.
InvestingPro Insights
In light of the recent insider purchase by Albert J. Evans, a director at Mid Penn Bancorp Inc (NASDAQ:MPB), investors may find additional context through key financial metrics and expert analysis. According to InvestingPro data, Mid Penn Bancorp boasts a strong operating income margin of 35.56% for the last twelve months as of Q1 2024, which underscores the company's efficiency in managing its operations. The company's market capitalization stands at $363.66 million, reflecting its current market valuation, while its price-to-earnings (P/E) ratio is an attractive 9.46. This P/E ratio is adjusted to 8.1 for the last twelve months as of Q1 2024, suggesting a potentially undervalued stock relative to earnings.
On the performance front, Mid Penn Bancorp has experienced a significant return over the last week, with a 1-week price total return of 7.82%. This short-term gain complements the long-term stability indicated by the company's consistent dividend payments for 14 consecutive years, with a current dividend yield of 3.67%. Such dividends are a testament to Mid Penn Bancorp's commitment to shareholder returns.
Two InvestingPro Tips that may further interest investors are the analysts' predictions that the company will be profitable this year and that it has been profitable over the last twelve months. These insights, coupled with the recent insider buying activity, could suggest a positive outlook for the company's financial health and future performance. For those seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/MPB, which may help in making informed investment decisions. To access these tips, 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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