Robert A. Abel, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently purchased shares of the company's common stock. According to a regulatory filing, Abel acquired 17 shares on December 31, 2024, at a price of $28.84 per share, amounting to a total transaction value of $490. The bank stock, currently trading at an attractive P/E ratio of 9.86, has shown strong momentum with a 32% price gain over the past six months.
This acquisition was made through the Director Stock Purchase Plan. Following the transaction, Abel holds 6,384.04 shares directly, with additional shares held indirectly through the Robert and Julie Abel Living Trust. With a market capitalization of $557 million and a consistent dividend yield of 2.77%, InvestingPro analysis reveals the bank has maintained dividend payments for 14 consecutive years.
Mid Penn Bancorp is a state commercial bank headquartered in Harrisburg, Pennsylvania. According to InvestingPro, the bank currently shows signs of being overvalued based on its Fair Value analysis.
In other recent news, Mid Penn Bancorp has finalized the sale of an additional 356,250 shares of common stock, following its initial public offering of 2,375,000 shares. The shares were offered at a price of $29.50 each, under the same terms as the initial offering. This development is part of Mid Penn Bancorp's strategy to strengthen its financial position and support its growth initiatives.
The company has also reported a favorable earnings per share (EPS) of $0.74 for the third quarter of 2024, surpassing both analysts' and consensus estimates. This increase was primarily due to higher-than-expected net interest income and fee income.
Furthermore, 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 company's strong performance in the second quarter, where it reported an EPS of $0.71, again beating estimates.
Mid Penn Bancorp's credit profile remains strong, with nonperforming assets (NPAs) showing only a slight increase due to a single loan migration. The company 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.
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