Justin T. Webb, Chief Financial Officer of Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 500 shares of the company's common stock at a price of $29.50 per share, totaling $14,750. Following this transaction, Webb holds 12,206.904 shares directly. Additionally, Webb has indirect ownership of 3,750 shares through an IRA and holds 4,098 shares in the form of restricted stock, which are subject to vesting conditions. The transaction was reported in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares of common stock at a price of $29.50 per share, aiming to raise $70 million. The proceeds will be used to support growth initiatives, such as potential redemption of subordinated debt and future strategic transactions. The offering is managed by Stephens Inc. and Piper Sandler & Co.
The bank has also reported a favorable third-quarter earnings per share (EPS) of $0.74, surpassing both analysts' and consensus estimates. This performance was primarily due to higher-than-expected net interest income and fee income. Moreover, the bank's pre-provision net revenue 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. These are some of the recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
The recent insider purchase by Mid Penn Bancorp's CFO Justin T. Webb aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro data, Mid Penn Bancorp (NASDAQ:MPB) is currently trading at a P/E ratio of 10.73, which is relatively low compared to its near-term earnings growth potential. This valuation metric suggests that the stock may be undervalued, potentially explaining Webb's decision to increase his stake.
InvestingPro Tips reveal that MPB has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. This consistency in dividend payouts, coupled with a current dividend yield of 2.58%, may be attractive to income-focused investors.
The company has also shown strong performance recently, with InvestingPro data indicating a 19.31% price total return over the last three months and an impressive 58.55% return over the past year. These robust returns are reflected in an InvestingPro Tip highlighting the stock's strong performance over the last three months.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Mid Penn Bancorp, providing a deeper understanding of the company's financial health and market position.
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