Mid Penn Bancorp director buys shares worth over $2,500 By Investing.com

Director of Mid Penn Bancorp Inc. (NASDAQ:), Joel L. Frank, has recently purchased company shares valued at over $2,500. The transaction, which took place on June 28, 2024, saw Frank acquiring 114 shares of common stock at a price of $21.95 each.

This purchase is part of the Director Stock Purchase Plan, as noted in the accompanying footnotes of the SEC filing. Following this transaction, Frank’s direct holdings in the company increased to 6,591.033 shares. Additionally, the report indicates that Frank also owns 999 shares of Mid Penn Bancorp, Inc. Common Restricted Stock, which are set to vest on the first anniversary of the grant date.

Investors often keep a close eye on insider transactions as they can provide insights into the confidence that company executives and directors have in the firm’s future prospects. With this recent purchase, stakeholders may interpret it as a positive signal regarding the company’s outlook.

Mid Penn Bancorp Inc., based in Harrisburg, Pennsylvania, operates within the state commercial banks sector and has been a significant player in the financial services industry. The company’s commitment to growth and value creation is reflected in the actions of its directors, as seen through their investment decisions.

Shareholders and potential investors in Mid Penn Bancorp can access detailed information about the company’s insider transactions through the SEC’s EDGAR database, where the Form 4 filings are available for public viewing.

In other recent news, Mid Penn Bancorp reported a surge in earnings for the first quarter of 2024. The company announced a net income available to common shareholders of $12.1 million, or $0.73 per diluted common share, exceeding analyst consensus estimates of $0.61 per share. The bank also saw significant loan growth, with a $64.7 million increase for the quarter, marking an annualized growth rate of 6.1%.

Meanwhile, Piper Sandler reaffirmed its Overweight rating on Mid Penn Bancorp, maintaining a $25.00 price target for the bank’s shares. The firm’s endorsement is based on Mid Penn Bancorp’s solid credit profile and its ongoing commitment to controlling expenses. Despite the bank’s underperformance in the market, the financial analyst from Piper Sandler suggested that the current share price offers an attractive entry point for investors.

These developments come amidst continuous deposit growth and an increase in the company’s tangible book value per common share. The Board of Directors also declared a cash dividend of $0.20 per share, payable to shareholders of record. These are the latest updates in Mid Penn Bancorp’s recent activities.

InvestingPro Insights

Recent insider buying at Mid Penn Bancorp Inc. (NASDAQ:MPB) by Director Joel L. Frank aligns with a notable trend in the company’s financial performance and outlook. According to InvestingPro, analysts have flagged a significant return over the last week, with a 1 Week Price Total Return of 7.82%. This surge could be indicative of underlying market confidence and aligns with Frank’s recent share acquisition, potentially signaling a bullish stance on the company’s near-term trajectory.

The company’s solid track record of dividend payments, which has continued unbroken for 14 years, may also be a comforting factor for income-focused investors. With a current Dividend Yield of 3.67%, Mid Penn Bancorp continues to reward shareholders amidst market fluctuations. Additionally, the company’s Price to Earnings (P/E) Ratio stands at a competitive 9.46, with an adjusted P/E for the last twelve months as of Q1 2024 at an even more attractive 8.1, suggesting that the company’s earnings might support its current valuation levels.

Moreover, Mid Penn Bancorp’s commitment to shareholder returns is further reinforced by the InvestingPro Tips, which indicate that the company has been profitable over the last twelve months. This profitability, alongside the analysts’ prediction that the company will remain profitable this year, offers a reassuring picture of fiscal stability and potential for continued growth.

For investors seeking deeper insights and additional metrics, InvestingPro offers a range of tips and data points. There are currently more additional tips available for Mid Penn Bancorp on InvestingPro, providing a comprehensive analysis for those considering an investment. To explore these insights, interested parties can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

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