Rory G. Ritrievi Acquires 3,365 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) Stock

Rory G. Ritrievi, the Chief Executive Officer of Mid Penn Bancorp, Inc. (NASDAQ:MPB), made a significant investment by acquiring 3,365 shares of the company on February 14th. The shares were purchased at an average price of $29.56 each, totaling $99,469.40 for this transaction. Following this acquisition, Ritrievi's total ownership in Mid Penn Bancorp has increased to 10,750 shares, which are now valued at about $317,770. This purchase marks a notable increase of 45.57% in his shareholding.

Mid Penn Bancorp Stock Performance

As of Friday, the stock opened at $29.58. Mid Penn Bancorp's moving averages show a fifty-day average of $29.55 and a two-hundred-day average of $29.80. Over the past twelve months, the stock has seen a low of $19.20 and a high of $33.87. Currently, the company's market capitalization stands at $572.67 million, with a price-to-earnings ratio of 10.20, indicating good value for investors. The stock's beta is 0.56, suggesting lower volatility compared to the market. The company carries a debt-to-equity ratio of 0.12 and has current and quick ratios of 0.95 and 0.94, respectively, indicating solid liquidity.

Mid Penn Bancorp's Recent Earnings

Mid Penn Bancorp announced its quarterly earnings report on January 22nd, revealing earnings per share (EPS) of $0.71. This aligns with analysts' expectations. The financial services provider has reported a net margin of 15.99% and a return on equity of 8.43%. Looking ahead, analysts project the company will achieve three earnings per share for the upcoming year.

Dividend Announcement

The company has also announced a quarterly dividend scheduled for payment on February 18th. Shareholders who were on record as of February 7th will receive a dividend of $0.20 per share. Notably, the ex-dividend date was also February 7th, indicating when new investors will miss out on this payment. This dividend reflects an annualized yield of 2.70% and a payout ratio of 27.59%, demonstrating a firm commitment to returning value to shareholders.

Institutional Investor Activity

In recent months, several large investors have adjusted their stakes in Mid Penn Bancorp. For instance, McClarren Financial Advisors Inc. notably increased its position by a staggering 5,438.1%, acquiring an additional 1,142 shares in the last quarter. New investor interest includes Stonebridge Financial Group LLC, which bought shares worth $45,000, and Emerald Advisers LLC, which grew its stake by 261.6% to hold shares valued at $70,000 now. It appears that 43.11% of the company’s stock is owned by hedge funds and institutional investors, reflecting growing confidence in the company's prospects.

Research and Analysts' Ratings

The stock has recently been analyzed by various research firms. Keefe, Bruyette & Woods raised their target price for Mid Penn Bancorp shares from $34.00 to $37.00, issuing an 'outperform' rating. Similarly, Piper Sandler also increased their price target from $31.00 to $35.00, indicating an 'overweight' rating for the stock.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc. is the bank holding company for Mid Penn Bank, which delivers commercial banking services to a diverse clientele that includes individuals, partnerships, non-profit organizations, and corporations. Their offerings encompass a variety of deposit products, such as checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.

Ritrievi, Bancorp, Investment