Mid Penn Bancorp director Theodore Mowery buys $1,989 in shares

Theodore W. Mowery, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), not too long ago elevated his stake within the firm by buying shares. In accordance with a submitting with the Securities and Alternate Fee, Mowery acquired 69 shares of the corporate’s frequent inventory on December 31, 2024, at a worth of $28.84 per share, totaling roughly $1,989. The acquisition comes because the inventory has proven sturdy momentum, gaining over 32% up to now six months. InvestingPro evaluation signifies the inventory is at present buying and selling above its Truthful Worth.

This acquisition was made by means of the Director Inventory Buy Plan, and following the transaction, Mowery instantly owns 37,742.875 shares. Moreover, he holds shares not directly by means of an IRA and by his partner, in addition to restricted inventory that may totally vest on the primary anniversary of the grant date. The corporate maintains a 2.77% dividend yield and has persistently paid dividends for 14 consecutive years. InvestingPro subscribers can entry further insights, together with 7 extra ProTips about MPB’s monetary well being and progress prospects.

In different latest information, Mid Penn Bancorp has finalized the sale of an extra 356,250 shares of frequent inventory as a part of a latest underwriting settlement, following its preliminary public providing of two,375,000 shares. The shares had been offered at a public providing worth of $29.50 per share, with Stephens Inc. and Piper Sandler & Co. appearing as representatives for the underwriters. This growth is a part of the corporate’s efforts to extend its capital, offering elevated monetary flexibility for future progress initiatives.

When it comes to earnings, Mid Penn Bancorp reported an enchancment in its earnings per share (EPS), with $0.74 for the third quarter of 2024. This improve was primarily resulting from higher-than-expected web curiosity revenue and price revenue. The corporate’s pre-provision web income (PPNR) additionally exceeded preliminary forecasts after changes for sure bills.

Piper Sandler, a monetary providers agency, upgraded its worth goal for Mid Penn Bancorp shares to $35.00, sustaining an Obese score. This adjustment adopted the corporate’s sturdy efficiency within the second quarter, the place it reported an EPS of $0.71, once more beating estimates. Mid Penn Bancorp’s credit score profile stays sturdy, with nonperforming belongings (NPAs) displaying solely a slight improve resulting from a single mortgage migration. The corporate additionally reported larger capital ranges for the quarter, regardless of not partaking in any share repurchases. These are a number of the latest developments surrounding Mid Penn Bancorp.

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