Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research downgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a sell rating in a report published on Friday, Zacks.com reports.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

Shares of MPB opened at $23.89 on Friday. The company has a market cap of $195.45 million, a PE ratio of 11.65 and a beta of 0.54. The business has a fifty day moving average of $25.27 and a 200 day moving average of $24.58. Mid Penn Bancorp has a 52-week low of $21.54 and a 52-week high of $31.75. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.45.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $20.64 million during the quarter, compared to the consensus estimate of $20.39 million. Mid Penn Bancorp had a return on equity of 7.81% and a net margin of 15.61%. As a group, research analysts anticipate that Mid Penn Bancorp will post 2.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Wednesday, August 7th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $0.72 annualized dividend and a dividend yield of 3.01%. Mid Penn Bancorp’s dividend payout ratio (DPR) is 35.12%.

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Mid Penn Bancorp by 12.1% during the fourth quarter. Geode Capital Management LLC now owns 48,092 shares of the financial services provider’s stock worth $1,107,000 after purchasing an additional 5,187 shares during the last quarter. BlackRock Inc. lifted its position in shares of Mid Penn Bancorp by 4.6% during the fourth quarter. BlackRock Inc. now owns 222,286 shares of the financial services provider’s stock worth $5,116,000 after purchasing an additional 9,707 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Mid Penn Bancorp by 34.8% during the fourth quarter. Bank of America Corp DE now owns 8,359 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 2,156 shares during the last quarter. Wharton Business Group LLC lifted its position in shares of Mid Penn Bancorp by 7.2% during the first quarter. Wharton Business Group LLC now owns 30,580 shares of the financial services provider’s stock worth $749,000 after purchasing an additional 2,065 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Mid Penn Bancorp by 78.5% during the fourth quarter. Bank of New York Mellon Corp now owns 26,672 shares of the financial services provider’s stock worth $614,000 after purchasing an additional 11,729 shares during the last quarter. Institutional investors and hedge funds own 17.45% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs.

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