Maureen M. Gathagan, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), a $615 million regional bank that has maintained dividend payments for 14 consecutive years, recently acquired nine shares of the company's common stock. According to InvestingPro data, the stock has surged over 54% in the past six months and currently offers a 2.54% dividend yield. The transaction took place on December 3, 2024, at a price of $31.8023 per share, totaling approximately $286. Following this transaction, Gathagan holds a total of 10,223.691 shares of Mid Penn Bancorp's common stock. Additionally, she holds 999 shares of restricted stock, which are set to vest fully on the first anniversary of the grant date. The recent acquisition was made as part of the Dividend Reinvestment Plan. Trading at an attractive P/E ratio of 11x, analysis suggests the stock may be slightly undervalued. For more detailed insights and financial metrics, investors can access additional ProTips on InvestingPro.
In other recent news, Mid Penn Bancorp has finalized the sale of additional shares under a recent underwriting agreement, increasing its capital. This sale follows the bank's initial public offering of 2,375,000 shares of common stock and is expected to provide financial flexibility for future growth initiatives. The bank also reported an improvement in earnings per share (EPS) for the third quarter of 2024, primarily due to higher-than-expected net interest income and fee income.
Financial services firm Piper Sandler upgraded its price target for Mid Penn Bancorp shares to $35.00, maintaining an Overweight rating. This followed the bank's strong performance in the second quarter, where it reported an EPS of $0.71, exceeding estimates. Mid Penn Bancorp's credit profile remains robust, with nonperforming assets showing only a slight increase due to a single loan migration.
These recent developments indicate a positive trajectory for Mid Penn Bancorp, as the bank continues to strengthen its financial position and pursue growth initiatives. The bank's recent public offering and additional share sale, along with its favorable earnings results, underscore the confidence of underwriters and analysts in the bank's strategic direction.
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