Los Angeles Capital Management LLC Purchases New Position in Mid Penn Bancorp $MPB

Los Angeles Capital Management LLC purchased a new position in shares of Mid Penn Bancorp (NASDAQ:MPB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,005 shares of the financial services provider’s stock, valued at approximately $592,000.

Other large investors also recently modified their holdings of the company. Sandbox Financial Partners LLC acquired a new position in Mid Penn Bancorp in the 2nd quarter worth about $211,000. Corebridge Financial Inc. grew its holdings in shares of Mid Penn Bancorp by 15.1% during the first quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 1,124 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Mid Penn Bancorp by 11.9% in the first quarter. MetLife Investment Management LLC now owns 9,773 shares of the financial services provider’s stock valued at $253,000 after buying an additional 1,043 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider’s stock valued at $268,000 after buying an additional 1,796 shares during the last quarter. Finally, Mystic Asset Management Inc. boosted its position in Mid Penn Bancorp by 49.5% during the 1st quarter. Mystic Asset Management Inc. now owns 10,870 shares of the financial services provider’s stock worth $282,000 after buying an additional 3,600 shares during the period. 43.11% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Stock Up 0.3%

Shares of NASDAQ MPB opened at $29.35 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The firm has a market cap of $676.46 million, a PE ratio of 12.03 and a beta of 0.65. The company’s fifty day simple moving average is $29.10 and its 200 day simple moving average is $28.51. Mid Penn Bancorp has a 12-month low of $22.50 and a 12-month high of $33.87.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Tuesday, September 20th. The financial services provider reported $0.97 EPS for the quarter. Mid Penn Bancorp had a return on equity of 8.54% and a net margin of 14.82%.The firm had revenue of $32.43 million during the quarter. As a group, sell-side analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Monday, November 10th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.20. Mid Penn Bancorp’s dividend payout ratio is presently 36.07%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MPB shares. Wall Street Zen upgraded shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday. Keefe, Bruyette & Woods increased their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Mid Penn Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

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 individual retirement accounts.