Mid Penn Bancorp (NASDAQ:MPB) Issues Earnings Results

Mid Penn Bancorp (NASDAQ:MPB) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.06, FiscalAI reports. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.The firm had revenue of $75.87 million for the quarter, compared to analysts’ expectations of $73.28 million.

Mid Penn Bancorp Stock Down 1.1%

Shares of MPB traded down $0.38 during trading hours on Wednesday, hitting $34.89. 137,757 shares of the company were exchanged, compared to its average volume of 154,016. Mid Penn Bancorp has a fifty-two week low of $26.50 and a fifty-two week high of $37.17. The company has a market cap of $884.11 million, a price-to-earnings ratio of 15.86 and a beta of 0.47. The firm’s fifty day moving average is $33.61 and its 200 day moving average is $32.99.

Analysts Set New Price Targets

Several research firms recently commented on MPB. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target on the stock. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and an average price target of $37.50.

Insider Buying and Selling

In other news, Director Soto Matthew G. De acquired 1,525 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the completion of the transaction, the director directly owned 118,696 shares of the company’s stock, valued at $3,887,294. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 2,172 shares of company stock valued at $72,485 over the last three months. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MPB. Wellington Management Group LLP boosted its holdings in shares of Mid Penn Bancorp by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider’s stock valued at $70,555,000 after purchasing an additional 50,000 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of 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 worth $22,972,000 after buying an additional 405,316 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mid Penn Bancorp by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 668,627 shares of the financial services provider’s stock worth $20,741,000 after buying an additional 34,890 shares during the last quarter. Fourthstone LLC lifted its position 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 buying an additional 71,827 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in Mid Penn Bancorp by 50.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 146,609 shares of the financial services provider’s stock valued at $4,548,000 after buying an additional 48,944 shares in the last quarter. 43.11% of the stock is currently owned by institutional investors and hedge funds.

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.