Mid Penn Bancorp (NASDAQ:MPB) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods increased their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, July 27th. 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 target for the company. Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Mid Penn Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Mid Penn Bancorp Trading Down 0.5%

Shares of MPB opened at $38.34 on Friday. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The stock has a market cap of $971.54 million, a P/E ratio of 13.55 and a beta of 0.47. The company has a 50-day moving average of $34.51 and a two-hundred day moving average of $33.33.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 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 9.00%. The business had revenue of $75.87 million for the quarter, compared to analyst estimates of $73.28 million. As a group, analysts forecast that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.23 dividend. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, August 3rd. This represents a $0.92 annualized dividend and a yield of 2.4%. Mid Penn Bancorp’s payout ratio is presently 31.10%.

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.

Hedge Funds Weigh In On Mid Penn Bancorp

Several large investors have recently added to or reduced their stakes in the business. 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 valued at $53,000 after buying an additional 493 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Mid Penn Bancorp by 416.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 2,664 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Mid Penn Bancorp by 4,471.3% during the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 4,829 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of 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 worth $156,000 after acquiring an additional 358 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Mid Penn Bancorp by 10.2% during the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock worth $176,000 after acquiring an additional 507 shares during the period. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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.