Mid Penn Bancorp (NASDAQ:MPB) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) to a hold rating in a research report released on Wednesday,Zacks.com reports.

MPB has been the subject of several other research reports. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Raymond James Financial initiated coverage on Mid Penn Bancorp in a report on Tuesday. They issued an “outperform” rating and a $38.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.50.

Mid Penn Bancorp Stock Down 1.4%

MPB stock opened at $35.18 on Wednesday. Mid Penn Bancorp has a twelve month low of $26.50 and a twelve month high of $35.98. The stock has a market capitalization of $891.46 million, a price-to-earnings ratio of 15.99 and a beta of 0.47. The firm’s fifty day simple moving average is $33.14 and its two-hundred day simple moving average is $32.71.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). The firm had revenue of $64.85 million for the quarter, compared to analysts’ expectations of $63.15 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%. As a group, equities research analysts expect that Mid Penn Bancorp will post 3.2 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, May 4th. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In related news, Director Soto Matthew G. De bought 1,525 shares of the company’s stock in a transaction on Monday, May 4th. The shares were acquired at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the purchase, the director directly owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. The trade was a 1.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 2,172 shares of company stock valued at $72,485. 7.20% of the stock is owned by corporate insiders.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Mid Penn Bancorp by 2.2% in the fourth quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider’s stock worth $70,555,000 after purchasing an additional 50,000 shares in the last quarter. Alliancebernstein L.P. raised its position in Mid Penn Bancorp by 102.2% during the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock valued at $22,972,000 after purchasing an additional 405,316 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Mid Penn Bancorp by 11.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock valued at $24,061,000 after purchasing an additional 79,569 shares in the last quarter. Fourthstone LLC lifted its holdings in shares of Mid Penn Bancorp by 32.7% in the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider’s stock worth $9,039,000 after buying an additional 71,827 shares during the period. Finally, Rhino Investment Partners Inc lifted its holdings in shares of Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock worth $7,463,000 after buying an additional 144,852 shares during the period. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.