|Bid||19.98 x 1300|
|Ask||20.20 x 800|
|Day's Range||19.96 - 20.26|
|52 Week Range||15.50 - 29.88|
|Beta (5Y Monthly)||0.55|
|PE Ratio (TTM)||8.55|
|Earnings Date||Jul 23, 2020|
|Forward Dividend & Yield||0.72 (3.63%)|
|Ex-Dividend Date||Aug 07, 2020|
|1y Target Est||20.50|
Mid Penn Bancorp (MPB) plans to consolidate three retail branches amid shifting customer preference toward digitalization.
MILLERSBURG, Pa., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MBP), the parent company of Mid Penn Bank (the “Bank”) has announced the planned consolidation of three branches in the Bank’s retail network effective December 31, 2020. The consolidation, which affects its Malvern (Chester county), Pillow (Dauphin county), and Vanderbilt (Fayette county) locations, is part of Mid Penn’s strategy to optimize the delivery of banking services and in response to shifting consumer preferences. Customers will continue to have access to nearby branches as well as a robust set of technology-based services. “As we prepare for new days ahead in our industry, we are continually evaluating how we deliver our brand of community banking to the customers and communities we serve. We are committed to providing easy access to services when and where our customers expect them. As we watch foot traffic in our traditional brick-and-mortar offices decline, we see sharp increases in adoption of on-line and mobile delivery channels in both our consumer and commercial customer bases. The ability to effectively bank anywhere and at any time is now expected to be part of our standard delivery,” Mid Penn President and CEO Rory Ritrievi said in a statement.The Bank expects no lay-offs or job losses as a result of this consolidation; employees at the impacted branches will continue to deliver best in class service at other locations in the region. The company anticipates annualized savings in excess of $150,000 and anticipates recouping the one-time costs associated with the initiative by the third quarter of 2021.About Mid Penn Bancorp Inc. Mid Penn Bancorp Inc. (NASDAQ: MPB), headquartered in Millersburg, Pennsylvania, has been serving the community since 1868. Mid Penn operates retail locations throughout the state of Pennsylvania and total assets of more than $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties. The bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com. CONTACT: Contact: Matthew Miller 717-257-9015 firstname.lastname@example.org
Shares of Mid Penn Bancorp Inc (NASDAQ:MPB) rose by 2.7% from the previous closing price. SEVP CFO Peduzzi Michael D filed a Form 4 with the SEC on Monday, September 14. The insider bought 500 shares at an average price of $19.17. After the transaction, the executive's stake in Mid Penn Bancorp Inc. moved to 3,638 shares.The Importance of Insider Transactions Insider transactions shouldn't be used primarily to make an investing decision, however an insider transaction can be an important factor in the investing decision.Insiders buying stock after a notable sell off can indicate an insider's long-term belief in the success of the company; insiders buying stock at new highs can be an indication the exec doesn't feel the stock is overvalued. Conversely, insiders who are selling stock at new lows can potentially indicate some kind of capitulation moment. Insiders selling at new highs can indicate that exec wants to "take some profit" and "lock in a gain."Transaction Codes To Focus On Investors prefer focusing on transactions which take place in the open market, indicated in the Form 4 with codes P for purchase and S for sale. If the transaction was an open-market transaction, that means that the insider made a concious decision for the company's stock moving forward.Transaction codes besides P or S aren't relatively important as they are seldom tied to a decision by the executive. For example, transaction code A is indicative of an insider being forced to sell shares to attain compensation. Moreover, transaction code C indicates the conversion of an option.See more from Benzinga * Insider Buys Corporate Office Properties Trust's Stock * Insider Buys CMG Holdings Group Shares * Insider Buys Anixa Biosciences Shares(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.