In a recent transaction, Albert J. Evans, a board director of Mid Penn Bancorp Inc (NASDAQ:MPB), has increased his stake in the company by purchasing shares valued at $10,005. The transaction, which took place on March 28, involved the acquisition of 500 shares at a price of $20.01 each.
This purchase reflects a positive gesture from Evans, who, through the Director Stock Purchase Plan, has shown confidence in the company's future prospects. Following this transaction, Evans now holds a total of 25,385.05 shares in Mid Penn Bancorp, a figure that includes shares acquired through the Dividend Reinvestment Plan.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates as a state commercial bank and is recognized in the financial sector for its commitment to community banking.
Investors often keep a close eye on insider transactions as they can provide insights into how the top echelons of a company perceive the financial health and future performance of their organization. Transactions like these are viewed as a sign of an insider's belief in the company's success and are thus closely monitored in the investment community.
It's noteworthy that the shares mentioned in this transaction are held directly by Evans, while an additional 1,208 shares are held indirectly through Frontier Trust FSB, TTEE Fanelli, Evans & Patel, as stated in the footnotes of the SEC filing.
Mid Penn Bancorp's commitment to transparent and timely disclosure ensures that investors are well-informed about the financial dealings of its executives, providing a clear view of insider confidence in the bank's operational strength and strategic direction.
InvestingPro Insights
Following the recent insider share purchase by board director Albert J. Evans, Mid Penn Bancorp Inc (NASDAQ:MPB) continues to demonstrate aspects of stability and potential for investors. With a market capitalization of $332.14 million and a trailing twelve-month P/E ratio that stands at a modest 7.51, the company presents a potentially attractive valuation for those looking at traditional metrics.
One of the InvestingPro Tips highlights that Mid Penn Bancorp has maintained dividend payments for 14 consecutive years, which may be a testament to the company's financial resilience and commitment to shareholder returns. This is further supported by a notable dividend yield of 4.0%, as of the latest available data, which could appeal to income-focused investors.
Another tip from InvestingPro suggests that analysts predict the company will be profitable this year, aligning with the company's past performance that showed profitability over the last twelve months. This forward-looking optimism is a significant factor for potential investors, especially when considering the company's history of consistent dividend payments.
The InvestingPro platform offers additional insights and tips for investors seeking a deeper dive into Mid Penn Bancorp's financial health and future prospects. With the use of the coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and analysis that can inform investment decisions.
As of the last reported period, the company's revenue stood at $163.36 million, with an operating income margin of 35.63%. Despite a slight decline in revenue growth over the past year, the company's strong operating income margin may indicate efficient management and operational effectiveness. The InvestingPro platform lists several additional tips that can provide a more comprehensive understanding of Mid Penn Bancorp's financial position and future outlook.
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