Mid Penn Bancorp (NASDAQ:MPB) Upgraded by Raymond James Financial to “Moderate Buy” Rating

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by Raymond James Financial to a “moderate buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

Mid Penn Bancorp Stock Up 1.8%

MPB opened at $34.84 on Tuesday. The business’s fifty day simple moving average is $33.08 and its 200 day simple moving average is $32.67. Mid Penn Bancorp has a 52 week low of $26.50 and a 52 week high of $35.22. The stock has a market cap of $882.85 million, a PE ratio of 15.84 and a beta of 0.48.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). The firm had revenue of $64.85 million during the quarter, compared to analysts’ expectations of $63.15 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.

Insider Activity

In other news, Director Soto Matthew G. De bought 1,525 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were bought at an average cost of $32.75 per share, with a total value of $49,943.75. Following the completion of the purchase, the director directly owned 118,696 shares in the company, valued at $3,887,294. This represents a 1.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rafferty Asset Management LLC purchased a new position in Mid Penn Bancorp during the 3rd quarter valued at $473,000. Deprince Race & Zollo Inc. raised its stake in Mid Penn Bancorp by 18.4% in the fourth quarter. Deprince Race & Zollo Inc. now owns 141,692 shares of the financial services provider’s stock worth $4,395,000 after buying an additional 22,000 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its holdings in Mid Penn Bancorp by 5.2% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 162,411 shares of the financial services provider’s stock worth $5,223,000 after buying an additional 8,000 shares during the period. Emerald Advisers LLC grew its holdings in shares of Mid Penn Bancorp by 44.0% during the 1st quarter. Emerald Advisers LLC now owns 32,275 shares of the financial services provider’s stock worth $1,038,000 after acquiring an additional 9,856 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Mid Penn Bancorp in the 1st quarter worth approximately $412,000. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Company Profile

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.