Rory G. Ritrievi Acquires 3,365 Shares of Mid Penn Bancorp, Inc. Stock

The CEO of Mid Penn Bancorp, Inc. (NASDAQ:MPB), Rory G. Ritrievi, recently made a significant investment by purchasing 3,365 shares of the company’s stock. This transaction took place on February 14th, with the shares acquired at an average price of $29.56 each. The total investment amounted to $99,469.40. Following this acquisition, Ritrievi now holds 10,750 shares of Mid Penn Bancorp, which are estimated to be worth about $317,770. This recent purchase marks a notable increase of 45.57% in his ownership stake in the company. The details of this transaction have been officially filed with the Securities and Exchange Commission.

Current Stock Performance

As of Friday, shares of MPB opened at $29.58. The stock has experienced fluctuations in its moving averages, with a fifty-day average of $29.55 and a 200-day average of $29.80. Over the last year, Mid Penn Bancorp has reached a low of $19.20 and a high of $33.87. Currently, the company holds a market capitalization of approximately $572.67 million, a price-to-earnings ratio of 10.20, and a beta of 0.56. Their financial metrics indicate a debt-to-equity ratio of 0.12, a current ratio of 0.95, and a quick ratio of 0.94.

On January 22nd, Mid Penn Bancorp reported its quarterly earnings, revealing an earnings per share (EPS) of $0.71 for the quarter, aligning with analysts' expectations. The company has recorded a net margin of 15.99% and a return on equity of 8.43%. Analysts predict that Mid Penn Bancorp will generate three EPS for the current fiscal year.

Dividend Announcement

In addition to the stock purchase by the CEO, Mid Penn Bancorp has declared a dividend that will be distributed on February 18th. Shareholders recorded by February 7th will receive a dividend payout of $0.20 per share. The ex-dividend date coincides with February 7th, and this dividend reflects a yearly total of $0.80, resulting in a yield of 2.70%. The current payout ratio of the company stands at 27.59%.

Institutional Investor Activity

Recent trends have shown a number of significant investments from hedge funds in Mid Penn Bancorp. McClarren Financial Advisors Inc. has notably increased its position in the company by an astonishing 5,438.1% during the third quarter. They now own 1,163 shares valued at $34,000 after acquiring additional shares. Similarly, Stonebridge Financial Group LLC entered a new position in Mid Penn Bancorp in the fourth quarter, valued at $45,000. Emerald Advisers LLC also expanded their holdings by 261.6% during the same period, now owning 2,419 shares worth $70,000. Other notable institutional investors include SG Americas Securities LLC and Mystic Asset Management Inc., both of which acquired new positions recently. Overall, institutional investors comprise 43.11% of Mid Penn Bancorp's ownership structure.

Analysts' Ratings

Several analysts have issued reports on Mid Penn Bancorp. Keefe, Bruyette & Woods increased their price target on the stock from $34.00 to $37.00, assigning an “outperform” rating in a report dated October 29th. Piper Sandler also raised their price target from $31.00 to $35.00, providing an “overweight” rating in their assessment from October 28th.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc. operates as a bank holding company for Mid Penn Bank, providing a range of commercial banking services tailored to individuals, partnerships, non-profits, and corporations. Their offerings include various deposit products, such as checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.

Acquisition, Stocks, CEO