Mid Penn Bancorp Inc (NASDAQ:MPB) director Albert J. Evans has purchased shares in the company, according to a recent SEC filing. On September 30, Evans acquired 335 shares of Mid Penn Bancorp at a price of $29.83 each, totaling $9,993. This transaction was part of the Director Stock Purchase Plan, as noted in the filing footnotes.
The purchase adds to Evans' already significant holdings in the company, with the post-transaction amount showing a balance of 26,238.286 shares, which includes shares acquired through the Dividend Reinvestment Plan. In addition to the common stock, Evans also holds 1,208 shares in the name of Frontier Trust FSB, as trustee for Fanelli, Evans & Patel, and 999 shares of Mid Penn Bancorp, Inc. Common Restricted Stock, which vests fully on the first anniversary of the date of grant.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates as a state commercial bank and is known for its local community-focused banking services. The latest share acquisition by one of its directors demonstrates continued confidence in the institution's performance and future prospects.
"In other recent news, Mid Penn Bancorp has demonstrated strong financial performance, as evidenced by its second quarter 2024 earnings per share (EPS) of $0.71, surpassing both analyst and consensus estimates. Adjusting for a Bank-Owned Life Insurance (BOLI) benefit, the core EPS was calculated at $0.68. The company's net interest income (NII) notably exceeded expectations. The net interest margin (NIM) saw a significant increase to 3.12%, well above the expected 2.97%.
The company also showed improvements in capital levels, with rising Tangible Common Equity (TCE) and Common Equity Tier 1 (CET1) ratios. Mid Penn Bancorp's credit profile remained strong with decreasing nonperforming assets (NPAs). Furthermore, the company reauthorized a share buyback program of up to $15 million to be executed within the next year.
Financial firm Piper Sandler has maintained an Overweight rating on Mid Penn Bancorp's stock and increased its price target to $31, reflecting confidence in the bank's potential. These recent developments highlight the robust financial health and future performance of Mid Penn Bancorp, according to Piper Sandler's analysis."
InvestingPro Insights
The recent share purchase by Mid Penn Bancorp's director Albert J. Evans aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro Tips, Mid Penn Bancorp has maintained dividend payments for 14 consecutive years, reflecting the company's financial stability and commitment to shareholder returns. This consistency in dividend payments may have influenced Evans' decision to increase his stake in the company.
Furthermore, the bank's strong financial performance is evident in its price-to-earnings (P/E) ratio of 10.56, which suggests the stock may be undervalued compared to its earnings potential. This attractive valuation is complemented by the company's price-to-book ratio of 0.86, indicating that the stock is trading below its book value.
Mid Penn Bancorp has also demonstrated impressive market performance, with InvestingPro Data showing a 31.57% price total return over the past three months and a substantial 49.09% return over the last six months. This strong momentum could be a factor in the director's decision to acquire additional shares.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for Mid Penn Bancorp, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable for those considering following the director's lead in investing in this community-focused banking institution.
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