John E. Noone, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), has recently acquired 5,000 shares of the company's common stock. The shares were purchased at a price of $29.50 each, amounting to a total transaction value of $147,500. This acquisition increases Noone's direct ownership to approximately 21,248 shares. Additionally, Noone holds indirect ownership through various accounts, including a trust and IRA, totaling over 44,000 shares. The transaction was completed on November 1, 2024, as reported in the latest SEC filing.
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 approximately $70 million. The offering is managed by Stephens Inc. and Piper Sandler & Co., with the bank expecting to net about $67 million from the offering, assuming no exercise of the underwriters' additional purchase option. The proceeds will be used to support the bank's growth initiatives.
In earnings news, 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 primarily due to higher-than-expected net interest income and fee income. Additionally, the bank's pre-provision net revenue (PPNR) exceeded initial forecasts after adjustments for certain expenses.
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. Despite a slight increase in nonperforming assets (NPAs) due to a single loan migration, Mid Penn Bancorp's credit profile remains strong. These are recent developments surrounding Mid Penn Bancorp.
InvestingPro Insights
John E. Noone's recent acquisition of Mid Penn Bancorp Inc. (NASDAQ:MPB) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with InvestingPro data revealing a remarkable 58.55% total return over the past year and a 47.94% return in the last six months. This upward trend suggests that Noone's investment decision may be well-timed.
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 undervalued, potentially explaining Noone's decision to increase his stake. Additionally, the company has maintained dividend payments for 14 consecutive years, which may be attractive to investors seeking stable income.
It's worth noting that MPB's market capitalization stands at $518.38 million, with a dividend yield of 2.58%. These figures, combined with the company's profitability over the last twelve months and analysts' predictions of continued profitability, paint a picture of a financially stable institution.
For investors interested in a deeper analysis, InvestingPro offers 10 additional tips for MPB, providing a more comprehensive view of the company's financial health and market position.
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