Heather R. Hall, the Chief Lending Officer of Mid Penn Bancorp Inc. (NASDAQ:MPB), recently increased her stake in the company with a purchase of 500 shares of common stock. This transaction, which took place on November 1, 2024, was executed at a price of $29.50 per share, totaling $14,750.
Following this acquisition, Hall now directly owns approximately 4,003 shares of Mid Penn Bancorp's common stock. Additionally, she holds 1,891 shares of restricted stock, which are subject to vesting terms as per the respective grants.
This move reflects Hall's continued investment in the financial institution headquartered in Harrisburg, Pennsylvania.
In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares at $29.50 per share, aiming to raise $70 million. The bank, managed by Stephens Inc. and Piper Sandler & Co., expects to net approximately $67 million from the offering, which will be used to support its growth initiatives. The offering is part of Mid Penn Bancorp's strategy to strengthen its financial position and expand its services.
Mid Penn Bancorp reported an earnings per share (EPS) of $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates. This performance was attributed to higher-than-expected net interest income and fee income. The bank's pre-provision net revenue (PPNR) also exceeded initial forecasts after adjustments for certain expenses.
In addition, Piper Sandler, a financial services firm, has upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This adjustment follows the bank's strong performance in the second quarter, where it reported an EPS of $0.71, again beating estimates. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
Heather R. Hall's recent purchase of Mid Penn Bancorp Inc. (NASDAQ:MPB) shares aligns with several positive indicators highlighted by InvestingPro. The stock's strong performance is evident in its impressive 58.55% total return over the past year and a robust 47.94% return in the last six months. This upward trajectory suggests growing investor confidence in the company's prospects.
InvestingPro Tips point out 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 could indicate that the stock is potentially undervalued, which may have influenced Hall's decision to increase her stake. Additionally, the company has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns that aligns with its high shareholder yield.
The bank's financial health appears solid, with InvestingPro Data showing a revenue of $172.75 million in the last twelve months as of Q3 2023, representing a 4.11% growth. Moreover, MPB boasts a strong operating income margin of 36.97%, indicating efficient operations.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.