Mid Penn Bancorp Inc (NASDAQ:MPB) has reported a recent purchase of its shares by Director Theodore W. Mowery, according to the latest SEC filings. Mowery acquired 92 shares of the company's common stock at a price of $21.95 per share, totaling over $2,000 in value. This transaction, part of the Director Stock Purchase Plan, was executed on June 28, 2024, and reflects the director's ongoing investment in the bank's equity.
The acquisition brings Mowery's direct holdings in Mid Penn Bancorp to 33,783.812 shares. Additionally, he indirectly owns 21,393.299 shares through an Individual Retirement Account (IRA) and another 250 shares are held by his spouse. Mowery also holds 999 shares of Mid Penn Bancorp, Inc. Common Restricted Stock, which are set to vest on the first anniversary of the grant date.
Investors often monitor insider transactions such as these for insights into the confidence that company executives and directors have in the financial health and future prospects of their firms. While a single transaction may not be indicative of a trend, consistent buying or selling by insiders can signal their collective sentiment about the company's performance.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates as a state commercial bank and has been serving its community with a range of financial services. The company's stock trades on the NASDAQ under the ticker symbol MPB.
In other recent news, Mid Penn Bancorp demonstrated a strong financial performance in Q1 2024. The company reported a net income available to common shareholders of $12.1 million, exceeding analyst consensus estimates. This growth was fueled by a substantial increase in loans, with a $64.7 million rise for the quarter, and continued deposit growth, with a $32.9 million increase. Mid Penn Bancorp's tangible book value per common share also increased to $25.23 at the end of the quarter. In addition, the company's Board of Directors declared a cash dividend of $0.20 per share.
On another note, Piper Sandler maintained its Overweight rating on Mid Penn Bancorp, setting a price target of $25.00. This affirmation came after a series of investor meetings with senior management of Mid Penn Bancorp. Piper Sandler's stance is based on the company's solid credit profile and commitment to controlling expenses. Despite Mid Penn Bancorp's market underperformance, the financial firm suggests that the current share price offers an attractive entry point for investors. These are among the recent developments concerning Mid Penn Bancorp.
InvestingPro Insights
As Mid Penn Bancorp Inc (NASDAQ:MPB) catches the attention of investors following insider stock purchases, it's important to consider the company's financial health and market performance to get a fuller picture. With Director Theodore W. Mowery's recent acquisition of shares, let's delve into some key metrics from InvestingPro that can provide additional context to this insider activity.
The company's market capitalization stands at a modest $363.66 million, suggesting it is a small-cap stock which often appeals to investors looking for growth opportunities. The price-to-earnings (P/E) ratio, a measure of the company's current share price relative to its per-share earnings, is 9.46, which has adjusted to 8.1 over the last twelve months as of Q1 2024. This lower adjusted P/E ratio may indicate that the company's earnings have grown, or that the share price has decreased, making it potentially more attractive to value investors.
A noteworthy InvestingPro Data point is the company's dividend yield, which stands at 3.67%. This is significant as Mid Penn Bancorp has maintained dividend payments for 14 consecutive years, demonstrating a commitment to returning value to shareholders. Additionally, the company has experienced a significant return over the last week, with a 7.82% price total return, reflecting positive investor sentiment in the short term.
While Mid Penn Bancorp has faced challenges with weak gross profit margins, analysts predict the company will be profitable this year, an InvestingPro Tip that aligns with the positive earnings per share (EPS) data reported over the last twelve months. Moreover, the company has been profitable over the same period, which could further bolster investor confidence.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available that can provide more nuanced insights into Mid Penn Bancorp's financial performance and outlook. To explore these tips and make informed investment decisions, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro. Remember, investing is most effective when done with the most current and comprehensive data at hand.
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