The Manufacturers Life Insurance Company Invests $9.43 Million in Mid Penn Bancorp $MPB

The Manufacturers Life Insurance Company purchased a new stake in shares of Mid Penn Bancorp (NASDAQ:MPB) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 270,643 shares of the financial services provider’s stock, valued at approximately $9,429,000. The Manufacturers Life Insurance Company owned 1.07% of Mid Penn Bancorp as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Mid Penn Bancorp by 2.2% during 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 acquiring an additional 50,000 shares during the last quarter. BlackRock Inc. purchased a new stake in Mid Penn Bancorp in the second quarter valued at $60,141,000. Alliancebernstein L.P. lifted its stake in shares of Mid Penn Bancorp by 102.2% in 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 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 worth $24,061,000 after purchasing an additional 79,569 shares during the period. Finally, Fourthstone LLC grew its holdings in shares of Mid Penn Bancorp by 32.7% during the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider’s stock worth $9,039,000 after purchasing an additional 71,827 shares during the period. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MPB has been the topic of several research analyst reports. Wall Street Zen lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price target for the company. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Mid Penn Bancorp Stock Performance

Shares of MPB opened at $36.67 on Friday. The company’s 50-day simple moving average is $36.34 and its 200-day simple moving average is $34.01. Mid Penn Bancorp has a 1 year low of $26.56 and a 1 year high of $39.15. The stock has a market capitalization of $928.85 million, a PE ratio of 12.96 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.08. The firm had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. On average, sell-side analysts predict that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $0.23 per share. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 3rd. Mid Penn Bancorp’s dividend payout ratio is currently 32.51%.

About Mid Penn Bancorp

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.