Rory Ritrievi, President and CEO of Mid Penn Bancorp (MPB), recently bought 3,050 shares. The buy increased his position by 4%, and came to a total cost of $91,639. Ritrievi was also a notable buyer last year.
Seven company directors are also regular buyers of shares, as well as the company CFO and other executives. Over the past two years, insiders have made over three dozen buys, with zero insider sales.
Overall, Mid Penn Bancorp insiders own 15.7% of shares.
The regional bank is up 41% over the past year, thanks to a soaring financial sector and strong fundamentals. Mid Penn Bancorp grew revenues by 10% in the past year, and earnings jumped by 33%.
Even with that move higher, shares trade at a 10% discount to their book value, and at 10 times forward earnings.
That suggests further upside ahead, especially with investors flocking to financial companies now. Mid Penn shares are off their highs form November, but are back to a strong uptrend.
Action to take: Value and momentum investors may like Mid Penn shares here. The bank could become a potential takeover target given its strong growth and relatively small size. At current prices, Mid Penn also pays a 2.7% dividend.
For traders, options are limited. But the July $30 calls, last carrying a bid/ask spread of about $2.70, are already about $1.00 in-the-money. They could see mid-double-digit returns on a continuing trend higher in the first half of 2025.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any company mentioned in this article.