Wellington Management Group LLP Purchases 32,628 Shares of Mid Penn Bancorp $MPB

Wellington Management Group LLP increased its position in Mid Penn Bancorp (NASDAQ:MPB) by 1.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,307,141 shares of the financial services provider’s stock after purchasing an additional 32,628 shares during the period. Wellington Management Group LLP owned approximately 0.09% of Mid Penn Bancorp worth $80,381,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its position in Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares during the period. Legal & General Group Plc grew its holdings in Mid Penn Bancorp by 35.6% in 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 last quarter. Royal Bank of Canada increased its position in shares of Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after acquiring an additional 507 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Mid Penn Bancorp by 5.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,937 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 576 shares during the period. Finally, Citadel Advisors LLC raised its stake in shares of Mid Penn Bancorp by 5.3% during the third quarter. Citadel Advisors LLC now owns 12,669 shares of the financial services provider’s stock valued at $363,000 after acquiring an additional 636 shares during the last quarter. 43.11% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Trading Up 2.4%

Shares of MPB opened at $36.91 on Thursday. The firm’s 50-day moving average price is $36.50 and its 200-day moving average price is $34.07. The firm has a market capitalization of $934.93 million, a price-to-earnings ratio of 13.04 and a beta of 0.46. Mid Penn Bancorp has a 1-year low of $26.56 and a 1-year high of $39.15.

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

Mid Penn Bancorp Increases Dividend

The company also recently announced 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 was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. Mid Penn Bancorp’s dividend payout ratio (DPR) is currently 32.51%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. 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 price objective for the company. Keefe, Bruyette & Woods lifted 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. Finally, Weiss Ratings raised Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.50.

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.