Mid Penn Bancorp Director Robert Abel bought $490 worth of shares at Investing.com.

Robert Abel, director at Mid Penn Bangor Inc. (NASDAQ: ), recently purchased the company’s common stock. According to regulatory filings, Abel acquired 17 shares at $28.84 per share on December 31, 2024, for a total transaction value of $490. The bank’s stock, which currently has an attractive P/E ratio of 9.86, has shown strong momentum with a 32% price increase in the last six months.

This purchase was made through the Director’s Share Purchase Scheme. Following the transaction, Abel directly holds 6,384.04 shares, with additional shares held indirectly by the Robert and Julie Abel Living Trust. With a market capitalization of $557 million and a trailing dividend yield of 2.77%; Invest Pro Analysis shows that the bank has maintained dividend payouts for 14 consecutive years.

Mid Penn Bancorp is a state-owned commercial bank headquartered in Harrisburg, Pennsylvania. As he says Invest ProThe bank currently shows signs of overvaluation based on fair value analysis.

In other recent news, Mid Penn Bancorp has completed the sale of an additional 356,250 shares of common stock following its initial public offering of 2,375,000 shares. The shares were offered at a price of $29.50 each, on the same terms as the initial offering. This development is part of MidPen Bancor’s strategy to strengthen its financial position and support its growth initiatives.

The company reported strong earnings per share (EPS) for the third quarter of 2024, beating analysts and consensus estimates. This increase was primarily due to higher than expected net interest income and fee income.

Also, Piper Sandler, a financial services firm, raised their price target on shares of Mid Penn Bancorp to $35.00. This adjustment follows the company’s strong performance in the second quarter, when it reported EPS of $0.71, again beating estimates.

Mid Penn Bancorp’s credit profile remains strong, with non-performing assets (NPAs) showing a modest increase due to one loan migration. Although it did not engage in stock buybacks, the company reported higher levels of capital for the quarter. These are some of the latest developments surrounding Mid Penn Bancorp.

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