HARRISBURG, PA—Robert A. Abel, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 1,500 shares of the company's common stock. The purchase, made on November 1, 2024, was executed at a price of $29.50 per share, totaling $44,250. Following this transaction, Abel holds 7,829.102 shares directly and an additional 24,696.556 shares indirectly through the Robert and Julie Abel Living Trust. Additionally, Abel owns 999 shares of restricted stock, which are set to vest fully on the first anniversary of the grant date.
In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares at a price of $29.50 per share, aiming to raise approximately $70 million. This offering is part of the bank's strategy to support its growth initiatives, which may include organic growth, potential redemption of subordinated debt, future strategic transactions, and general corporate purposes. Stephens Inc. and Piper Sandler & Co. are managing the offering.
In terms of earnings, Mid Penn Bancorp reported a favorable third quarter, with earnings per share (EPS) of $0.74, surpassing both analysts' and consensus estimates. This performance was primarily driven by higher-than-expected net interest income and fee income.
Piper Sandler, a financial services firm, has upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating following the bank's strong performance. The bank's credit profile remains robust, with nonperforming assets showing only a slight increase due to a single loan migration. Lastly, Mid Penn Bancorp reported higher capital levels for the quarter, despite not engaging in any share repurchases. These are the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
Robert A. Abel's recent acquisition of Mid Penn Bancorp Inc. (NASDAQ:MPB) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with a 58.55% total return over the past year and a 47.94% return in the last six months. This upward trend suggests investor confidence in the bank's prospects.
InvestingPro Tips reveal that MPB is trading at a low P/E ratio relative to its near-term earnings growth, with a current P/E ratio of 10.73. This valuation metric could indicate that the stock is undervalued, potentially explaining Abel's decision to increase his stake. Additionally, the company has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns that aligns with Abel's increased investment.
The bank's financial health appears robust, with a revenue of $172.75 million in the last twelve months and an impressive operating income margin of 36.97%. These figures support the InvestingPro Tip that analysts predict the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp Inc., providing deeper insights into the company's financial position and market performance.
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