In a recent transaction, Scott W. Micklewright, Chief Revenue Officer of Mid Penn Bancorp Inc. (NASDAQ:MPB), acquired 500 shares of the company's common stock. The shares were purchased on November 1, 2024, at a price of $29.50 each, totaling $14,750. Following this acquisition, Micklewright holds a total of 16,176.992 shares directly. Additionally, he owns 4,098 shares of restricted stock, which are subject to vesting conditions.
In other recent news, Mid Penn Bancorp has made notable strides in its financial performance and expansion plans. The company recently announced a public offering of 2,375,000 shares of common stock at $29.50 per share, aiming to raise $70 million. The offering, managed by Stephens Inc. and Piper Sandler & Co., is expected to net approximately $67 million, which will be used to support various growth initiatives.
The company has seen an improvement in its earnings per share (EPS), reporting $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates. This favorable performance was mainly due to higher-than-expected net interest income and fee income. Additionally, the bank's pre-provision net revenue (PPNR) also exceeded initial forecasts after adjustments for certain expenses.
Financial services firm Piper Sandler 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.
Mid Penn Bancorp's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. The bank also reported higher capital levels for the quarter, despite not engaging in any share repurchases. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
The recent insider purchase by Scott W. Micklewright aligns with several positive indicators for Mid Penn Bancorp Inc. (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 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 the company is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.74.
The bank's commitment to shareholder returns 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 attractive to income-focused investors.
While the company shows strengths, it's worth noting that InvestingPro Tips also indicate that Mid Penn Bancorp suffers from weak gross profit margins. However, with an operating income margin of 36.97% for the last twelve months, the bank appears to be managing its overall profitability effectively.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp, providing a deeper insight into the company's financial position and market performance.
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