In a recent transaction, Albert J. Evans, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), acquired a substantial number of shares in the company. According to the SEC filing, Evans purchased 8,474 shares of Mid Penn Bancorp common stock at a price of $29.50 per share, totaling approximately $249,983.
Following this transaction, Evans holds a total of 34,712.286 shares directly, which includes shares acquired through the Dividend Reinvestment Plan. In addition to his direct holdings, Evans also indirectly owns 1,208 shares under the name of Frontier Trust FSB, TTEE Fanelli, Evans & Patel, and holds 999 shares of restricted stock that will fully vest on the first anniversary of the grant date.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, continues to be a focus for investors, particularly with this significant acquisition by one of its directors.
In other recent news, Mid Penn Bancorp announced a public offering of 2,375,000 shares of common stock at $29.50 per share, aiming to raise $70 million. This move is part of the company's strategy to bolster its financial position and expand its services. The offering is managed by Stephens Inc. and Piper Sandler & Co. The bank expects to net approximately $67 million from the offering, which will be used to support its growth initiatives.
Mid Penn Bancorp reported an improvement in its earnings per share (EPS), recording $0.74 for the third quarter of 2024, exceeding both analysts' and consensus estimates. This positive performance was primarily attributed to higher-than-expected net interest income and fee income. Furthermore, the bank's pre-provision net revenue also surpassed initial forecasts after adjustments for certain expenses.
Financial services firm Piper Sandler upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment was made following the bank's strong performance in the second quarter, where it reported an EPS of $0.71, outperforming estimates. The bank's credit profile remains robust, with nonperforming assets showing only a slight increase due to a single loan migration. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
The recent share purchase by director Albert J. Evans aligns with several positive indicators for Mid Penn Bancorp (NASDAQ:MPB). According to InvestingPro data, the company's stock has shown strong performance, with a 58.55% total return over the past year and an impressive 47.94% return in the last six months. This upward trend suggests growing investor confidence in the bank's prospects.
Mid Penn Bancorp's financial health appears robust, with a price-to-earnings (P/E) ratio of 10.73, indicating that the stock may be undervalued relative to its earnings. This is further supported by an InvestingPro Tip highlighting that MPB is trading at a low P/E ratio relative to its near-term earnings growth potential.
The bank's commitment to shareholder value is evident in its dividend policy. An InvestingPro Tip notes that Mid Penn Bancorp has maintained dividend payments for 14 consecutive years, with a current dividend yield of 2.58%. This consistent payout history may be particularly attractive to income-focused investors like Evans.
For those interested in a deeper analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp, providing a more comprehensive view of the company's financial position and market performance.
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