Director of Mid Penn Bancorp Inc (NASDAQ:MPB), Robert A. Abel, recently purchased shares of the company's common stock, as disclosed in a regulatory filing with the Securities and Exchange Commission. Abel acquired 25 shares at a price of $20.01 each, totaling an investment of $500.
The transaction occurred on March 28, 2024, and was reported in the filing dated April 1, 2024. Following this purchase, Abel's direct holdings in Mid Penn Bancorp common stock increased to 4,447.098 shares. Additionally, the filing indicated that Abel has an indirect ownership through the Robert and Julie Abel Living Trust, which holds 24,305.227 shares of Mid Penn Bancorp Inc.
The shares were bought through the Director Stock Purchase Plan, a program that facilitates stock ownership by company directors. Moreover, the balance reported includes shares acquired through the Dividend Reinvestment Plan, demonstrating a continual investment in the company by the director. The filing also noted that Abel holds 1,760 shares of Mid Penn Bancorp, Inc. Common Restricted Stock, which are set to vest on the first anniversary of the date of grant.
Investors often monitor insider transactions such as these for insights into how corporate executives perceive the financial health and future prospects of their companies. However, it is important to note that these transactions do not necessarily indicate future stock performance and should be considered as part of a broader investment strategy.
InvestingPro Insights
Amidst recent insider transactions by Director Robert A. Abel, Mid Penn Bancorp Inc (NASDAQ:MPB) presents a mixed financial picture based on the latest data from InvestingPro. The company's market capitalization stands at a modest 332.14 million USD, and it exhibits an attractive price-to-earnings (P/E) ratio of 8.75, which suggests that the company's stock is relatively undervalued compared to its earnings. This is further supported by an adjusted P/E ratio for the last twelve months as of Q4 2023, which is even lower at 7.52.
Despite a slight decline in revenue growth, with a -2.29% change over the last twelve months as of Q4 2023, Mid Penn Bancorp has demonstrated financial stability by maintaining dividend payments for 14 consecutive years. The current dividend yield stands at 4.0%, a compelling figure for income-focused investors, especially considering the ex-date of the last dividend was on February 8, 2024. This commitment to returning value to shareholders is a positive signal, particularly in a challenging economic environment.
InvestingPro Tips indicate that while the company suffers from weak gross profit margins, analysts predict Mid Penn Bancorp will be profitable this year, and it has already been profitable over the last twelve months. Moreover, the company's stock price has experienced a significant drop of -16.77% over the past three months, which could present a buying opportunity for investors believing in the company's long-term prospects.
To gain additional insights and guidance on Mid Penn Bancorp Inc, investors can explore more InvestingPro Tips, which include earnings revisions and profitability forecasts. Currently, there are additional tips available on InvestingPro, and users can take advantage of the special offer using coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. This offer can help investors make more informed decisions by accessing comprehensive analysis and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.