Empowered Funds LLC Buys New Position in Mid Penn Bancorp $MPB

Empowered Funds LLC purchased a new position in shares of Mid Penn Bancorp (NASDAQ:MPB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 112,353 shares of the financial services provider’s stock, valued at approximately $3,914,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC grew its holdings in shares of Mid Penn Bancorp by 6.9% in the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 358 shares in the last quarter. Legal & General Group Plc lifted its holdings in Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after buying an additional 493 shares in the last quarter. Royal Bank of Canada boosted its position in Mid Penn Bancorp by 10.2% in the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after buying an additional 507 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Mid Penn Bancorp by 5.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,937 shares of the financial services provider’s stock valued at $308,000 after buying an additional 576 shares during the period. Finally, Citadel Advisors LLC grew its stake in shares of Mid Penn Bancorp by 5.3% in the third quarter. Citadel Advisors LLC now owns 12,669 shares of the financial services provider’s stock worth $363,000 after acquiring an additional 636 shares in the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Analysts Set New Price Targets

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

Mid Penn Bancorp Trading Down 1.0%

Shares of MPB opened at $36.06 on Wednesday. Mid Penn Bancorp has a twelve month low of $26.56 and a twelve month high of $39.15. The firm’s fifty day simple moving average is $36.44 and its 200-day simple moving average is $34.04. The firm has a market capitalization of $913.40 million, a price-to-earnings ratio of 12.74 and a beta of 0.46.

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

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a dividend of $0.23 per share. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 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.