Jordan D. Space, the Chief Operating Officer of Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 500 shares of the company's common stock. The shares were purchased at a price of $29.50 per share, totaling $14,750. Following this transaction, Space holds a direct ownership of approximately 5,135.573 shares, which includes shares acquired through the company's Employee Stock Purchase Plan and Dividend Reinvestment Plan. Additionally, Space owns 2,676 shares of restricted stock, which vest according to the terms of each respective grant.
"In other recent news, Mid Penn Bancorp has announced a public offering of 2,375,000 shares of common stock at $29.50 per share, aiming to raise approximately $70 million. The offering is managed by Stephens Inc. and Piper Sandler & Co., with the bank expecting to net approximately $67 million, which will be used to support its growth initiatives. This offering is part of the bank's strategy to strengthen its financial position and expand its services.
In addition to this, Mid Penn Bancorp has reported an improvement in its earnings per share (EPS), recording $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates. This performance was primarily due to higher-than-expected net interest income and fee income.
Moreover, 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.
The bank's credit profile remains strong, with nonperforming assets showing only a slight increase due to a single loan migration. Mid Penn Bancorp 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 Mid Penn Bancorp Inc.'s COO Jordan D. Space aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading at a P/E ratio of 10.73, which InvestingPro Tips suggest is low relative to its near-term earnings growth potential. This valuation metric could indicate that the stock is undervalued, potentially explaining Space's decision to increase his stake.
Moreover, Mid Penn Bancorp has demonstrated strong financial performance, with a revenue growth of 4.11% over the last twelve months and an impressive operating income margin of 36.97%. These figures underscore the company's profitability, which is further supported by an InvestingPro Tip noting that analysts predict the company will remain profitable this year.
Investors may also find comfort in Mid Penn Bancorp's dividend history. An InvestingPro Tip reveals that the company has maintained dividend payments for 14 consecutive years, with a current dividend yield of 2.58%. This consistent payout, coupled with the stock's strong recent performance—a 58.55% total return over the past year—suggests that Space's purchase could be a vote of confidence in the company's future prospects.
For those seeking a deeper understanding of Mid Penn Bancorp's financial health and market position, InvestingPro offers 10 additional tips and a comprehensive set of real-time metrics to inform investment decisions.
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