Director of Central Bank of Pennsylvania Inc. (NASDAQ:), Joel L. Frank, recently purchased shares of the company valued at over $2,500. The transaction, which took place on June 28, 2024, resulted in Frank acquiring 114 shares of common stock at a price of $21.95 each.
This purchase is part of the directors’ stock purchase plan, as noted in the footnotes to the SEC filing. Following this transaction, Frank’s direct holdings in the company increased to 6,591,033 shares. In addition, the filing indicates that Frank also owns 999 shares of restricted common stock of Mid Penn Bancorp, Inc., which will vest on the first anniversary of the grant date.
Insider transactions are often closely watched by investors as they can provide insight into the confidence that company executives and directors have in the company’s future prospects. With this recent purchase, shareholders may interpret it as a positive signal about the company’s prospects.
Mid Penn Bancorp Inc., headquartered in Harrisburg, Pennsylvania, operates within the state commercial bank sector and has been a major player in the financial services industry. The company’s commitment to growth and value creation is reflected in the actions of its directors, as seen through their investment decisions.
Mid Penn Bancorp shareholders and potential investors can access detailed information about the company’s insider transactions through the SEC’s EDGAR database, where Form 4 filings are available for public viewing.
In other recent news, Mid Penn Bancorp reported an increase in earnings for the first quarter of 2024. The company announced net income available to common shareholders of $12.1 million, or $0.73 per diluted common share, beating analysts’ consensus estimates of $0.61 per share. The bank also saw significant loan growth, with loans up $64.7 million for the quarter, marking an annualized growth rate of 6.1%.
Meanwhile, Piper Sandler reaffirmed its Overweight rating for Mid Penn Bancorp, maintaining a $25.00 price target for the bank’s stock. The firm’s recommendation is based on Mid Penn Bancorp’s strong credit profile and its continued commitment to controlling expenses. Despite the bank’s underperformance in the market, Piper Sandler’s financial analyst suggested that the current stock price offers an attractive entry point for investors.
These developments come amid continued deposit growth and an increase in the Company’s tangible book value per common share. The Board of Directors also declared a cash dividend of $0.20 per share, payable to stockholders of record. Here are the latest developments in Mid Penn Bancorp’s recent activities.
InvestingPro Insights
Recent insider purchases in Mid Penn Bancorp Inc. (NASDAQ:MPB) by Director Joel L. Frank align with a notable trend in the company’s financial performance and outlook. According to InvestingPro, analysts have pointed to significant returns over the past week, with a 1-week total price return of 7.82%. This increase could be indicative of underlying market sentiment and aligns with Frank’s recent share purchase, which could indicate a bullish stance on the company’s near-term trajectory.
The company’s strong dividend payment history, which has been unbroken for 14 years, may also be a comforting factor for income-focused investors. With a current dividend yield of 3.67%, Mid Penn Bancorp continues to reward shareholders amid market fluctuations. Moreover, the company’s price-to-earnings (P/E) ratio stands at a competitive 9.46, with a trailing-twelve-month adjusted P/E as of Q1 2024 at an even more attractive 8.1, suggesting that the company’s earnings could support its current valuation levels.
Furthermore, Mid Penn Bancorp’s commitment to shareholder returns is reinforced by InvestingPro’s guidance, which indicates that the company has been profitable over the past twelve months. This profitability, coupled with analysts’ prediction that the company will remain profitable this year, provides a reassuring picture of fiscal stability and continued growth potential.
For investors looking for more detailed information and additional metrics, InvestingPro offers a variety of tips and data points. Currently, there are more additional tips available for Mid Penn Bancorp on InvestingPro, providing a comprehensive analysis for those considering an investment. To explore these insights, interested parties can use the coupon code News 24 to get up to 10% off an annual Pro subscription and an annual or bi-annual Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information, please see our terms and conditions.