Mid Penn Bancorp (NASDAQ:MPB) Stock Has Consensus Target Price of $39.67 According to Brokerages

Shares of Mid Penn Bancorp (NASDAQ:MPB) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $39.67.

A number of equities research analysts recently commented on the company. Weiss Ratings lowered Mid Penn Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Wall Street Zen downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Piper Sandler reiterated an “overweight” rating and issued a $40.00 price objective (down from $42.00) on shares of Mid Penn Bancorp in a research report on Tuesday, October 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ:MPB opened at $34.87 on Tuesday. The stock’s 50-day moving average is $35.86 and its 200-day moving average is $34.44. The company has a market cap of $883.26 million, a P/E ratio of 10.88 and a beta of 0.51. Mid Penn Bancorp has a 52-week low of $27.98 and a 52-week high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The company had revenue of $74.68 million for the quarter, compared to analyst estimates of $77.72 million. Mid Penn Bancorp had a net margin of 17.83% and a return on equity of 9.15%. As a group, equities analysts predict that Mid Penn Bancorp will post 3.28 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 2nd will be paid a $0.23 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.6%. Mid Penn Bancorp’s payout ratio is currently 31.94%.

Hedge Funds Weigh In On Mid Penn Bancorp

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in Mid Penn Bancorp by 1.4% in the 2nd quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider’s stock worth $80,381,000 after purchasing an additional 32,628 shares during the last quarter. BlackRock Inc. bought a new position in Mid Penn Bancorp in the 2nd quarter valued at $60,141,000. Dimensional Fund Advisors LP boosted its position in Mid Penn Bancorp by 11.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock valued at $24,061,000 after buying an additional 79,569 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Mid Penn Bancorp in the 2nd quarter valued at $9,429,000. Finally, Rhino Investment Partners Inc increased its stake in shares of Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock valued at $7,463,000 after buying an additional 144,852 shares during the period. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is the holding company for Mid Penn Bank, a community banking institution headquartered in Millersburg, Pennsylvania. The bank provides financial services to individuals, families, businesses, nonprofit organizations and municipalities through a network of community banking offices and digital banking channels.

Mid Penn Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, equipment financing, personal loans and credit products.