Kimberly J. Brumbaugh, a director at Mid Penn Bancorp Inc (NASDAQ:MPB), has recently purchased shares of the company's common stock, according to the latest SEC filings. The transaction, which took place on June 28, 2024, involved the acquisition of 114 shares at a price of $21.95 per share, totaling approximately $2,500.
This purchase was made through the Director Stock Purchase Plan, as noted in the footnotes of the SEC filing. Following the transaction, Brumbaugh's direct holdings in Mid Penn Bancorp Inc. common stock increased to 7,542.998 shares. Additionally, the filing indicated that Brumbaugh has an indirect ownership of 1,084.838 shares through an IRA, and also holds 999 shares of common restricted stock, which will vest entirely on the first anniversary of the grant date.
The SEC filing provides a snapshot of Brumbaugh's recent financial activity within the company and indicates a continued investment in Mid Penn Bancorp's future. Investors often monitor such insider transactions as they can provide insights into the confidence levels that company executives and directors have in the firm's prospects.
Mid Penn Bancorp Inc., based in Pennsylvania, operates as a state commercial bank and is part of the financial sector. The company's stock is publicly traded on the NASDAQ under the ticker symbol MPB.
In other recent news, Mid Penn Bancorp has reported a surge in earnings for Q1 2024. The company's net income available to common shareholders rose to $12.1 million, surpassing analyst consensus estimates. This was accompanied by substantial loan growth, with a $64.7 million increase for the quarter, and deposit growth of $32.9 million. Furthermore, the company's tangible book value per common share increased to $25.23 at the end of the quarter. These are significant recent developments for the company.
On the analyst front, Piper Sandler has maintained its Overweight rating and a $25.00 price target for Mid Penn Bancorp. This endorsement is based on the bank's solid credit profile and its ongoing commitment to controlling expenses. The firm sees the current share price as an attractive entry point for investors, despite Mid Penn Bancorp's recent underperformance in the market.
InvestingPro Insights
Recent market data from InvestingPro highlights some key financial metrics for Mid Penn Bancorp Inc (NASDAQ:MPB) that may interest investors following Kimberly J. Brumbaugh's share purchase. The company's market capitalization stands at a solid $366.66 million, reflecting its valuation in the financial markets. Moreover, the bank's P/E ratio is currently at 9.46, suggesting that the stock could be reasonably valued in comparison to its earnings. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 is even lower at 8.1, potentially indicating an attractive entry point for value investors.
Despite the challenge of weak gross profit margins, as indicated by one of the InvestingPro Tips, Mid Penn Bancorp Inc. has shown a significant return over the last week, with a 7.82% price total return. This performance could signal a positive market sentiment in the short term. Additionally, another InvestingPro Tip points out that the company has maintained dividend payments for 14 consecutive years, which is a testament to its commitment to shareholder returns. The dividend yield as of the latest data is 3.67%, which may appeal to income-focused investors.
For those looking for more in-depth analysis, there are additional InvestingPro Tips available that could provide further guidance on the company's financial health and future prospects. Interested investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription for access to these valuable insights.
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