Mid Penn Bancorp (NASDAQ:MPB) Share Price Passes Above 200-Day Moving Average – What’s Next?

Mid Penn Bancorp (NASDAQ:MPB)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $32.81 and traded as high as $34.69. Mid Penn Bancorp shares last traded at $34.63, with a volume of 112,834 shares traded.

Wall Street Analyst Weigh In

MPB has been the topic of a number of research reports. Raymond James Financial assumed 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 objective on the stock. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.50.

Mid Penn Bancorp Stock Performance

The business has a 50-day moving average of $33.26 and a 200 day moving average of $32.81. The stock has a market cap of $877.52 million, a PE ratio of 15.74 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16). The firm had revenue of $64.85 million for the quarter, compared to analyst estimates of $63.15 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%. Equities analysts expect that Mid Penn Bancorp will post 3.2 EPS for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were issued a $0.22 dividend. The ex-dividend date was Monday, May 4th. This represents a $0.88 annualized dividend and a yield of 2.5%. Mid Penn Bancorp’s payout ratio is 40.00%.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 1,525 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders acquired 2,172 shares of company stock worth $72,485. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Mid Penn Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its holdings in shares of 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 acquiring an additional 493 shares during the period. Tower Research Capital LLC TRC grew its holdings in Mid Penn Bancorp by 416.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 2,664 shares during the period. US Bancorp DE increased its position in Mid Penn Bancorp by 4,471.3% during the third quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 4,829 shares during the last quarter. Lazard Asset Management LLC increased its position in Mid Penn Bancorp by 6.9% during the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 358 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in Mid Penn Bancorp by 10.2% during the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 507 shares during the period. Hedge funds and other institutional investors own 43.11% of the company’s stock.

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.