Director of Mid Penn Bancorp Inc. (NASDAQ:), Joel L. Frank, has just lately bought firm shares valued at over $2,500. The transaction, which occurred on June 28, 2024, noticed Frank buying 114 shares of frequent inventory at a price of $21.95 every.
This buy is a part of the Director Inventory Buy Plan, as famous within the accompanying footnotes of the SEC submitting. Following this transaction, Frank’s direct holdings within the firm elevated to six,591.033 shares. Moreover, the report signifies that Frank additionally owns 999 shares of Mid Penn Bancorp, Inc. Frequent Restricted Inventory, that are set to vest on the primary anniversary of the grant date.
Buyers typically maintain a detailed eye on insider transactions as they will present insights into the arrogance that firm executives and administrators have within the agency’s future prospects. With this current buy, stakeholders could interpret it as a constructive sign relating to the corporate’s outlook.
Mid Penn Bancorp Inc., primarily based in Harrisburg, Pennsylvania, operates inside the state business banks sector and has been a big participant within the monetary companies business. The corporate’s dedication to development and worth creation is mirrored within the actions of its administrators, as seen by way of their funding choices.
Shareholders and potential buyers in Mid Penn Bancorp can entry detailed details about the corporate’s insider transactions by way of the SEC’s EDGAR database, the place the Kind 4 filings can be found for public viewing.
In different current information, Mid Penn Bancorp reported a surge in earnings for the primary quarter of 2024. The corporate introduced a web revenue out there to frequent shareholders of $12.1 million, or $0.73 per diluted frequent share, exceeding analyst consensus estimates of $0.61 per share. The financial institution additionally noticed vital mortgage development, with a $64.7 million enhance for the quarter, marking an annualized development charge of 6.1%.
In the meantime, Piper Sandler reaffirmed its Chubby score on Mid Penn Bancorp, sustaining a $25.00 price goal for the financial institution’s shares. The agency’s endorsement relies on Mid Penn Bancorp’s strong credit score profile and its ongoing dedication to controlling bills. Regardless of the financial institution’s underperformance out there, the monetary analyst from Piper Sandler instructed that the present share price presents a horny entry level for buyers.
These developments come amidst steady deposit development and a rise within the firm’s tangible ebook worth per frequent share. The Board of Administrators additionally declared a money dividend of $0.20 per share, payable to shareholders of document. These are the newest updates in Mid Penn Bancorp’s current actions.
InvestingPro Insights
Current insider shopping for at Mid Penn Bancorp Inc. (NASDAQ:MPB) by Director Joel L. Frank aligns with a notable pattern within the firm’s monetary efficiency and outlook. In keeping with InvestingPro, analysts have flagged a big return over the past week, with a 1 Week Value Whole Return of seven.82%. This surge might be indicative of underlying market confidence and aligns with Frank’s current share acquisition, probably signaling a bullish stance on the corporate’s near-term trajectory.
The corporate’s strong monitor document of dividend funds, which has continued unbroken for 14 years, may additionally be a comforting issue for income-focused buyers. With a present Dividend Yield of three.67%, Mid Penn Bancorp continues to reward shareholders amidst market fluctuations. Moreover, the corporate’s Value to Earnings (P/E) Ratio stands at a aggressive 9.46, with an adjusted P/E for the final twelve months as of Q1 2024 at an much more enticing 8.1, suggesting that the corporate’s earnings may assist its present valuation ranges.
Furthermore, Mid Penn Bancorp’s dedication to shareholder returns is additional strengthened by the InvestingPro Ideas, which point out that the corporate has been worthwhile over the past twelve months. This profitability, alongside the analysts’ prediction that the corporate will stay worthwhile this 12 months, presents a reassuring image of fiscal stability and potential for continued development.
For buyers searching for deeper insights and extra metrics, InvestingPro presents a variety of suggestions and knowledge factors. There are at present extra extra suggestions out there for Mid Penn Bancorp on InvestingPro, offering a complete analysis for these contemplating an funding. To discover these insights, events can use the coupon code PRONEWS24 to get up to 10% off a yearly Professional and a yearly or biyearly Professional+ subscription.
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