Mid Penn Bancorp (NASDAQ:MPB) Raised to Hold at Zacks Research

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by stock analysts at Zacks Research to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also recently weighed in on MPB. Raymond James Financial initiated coverage on Mid Penn Bancorp in a report on Tuesday. They issued an “outperform” rating and a $38.00 price target on the stock. Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.50.

Mid Penn Bancorp Price Performance

MPB opened at $35.18 on Wednesday. The company has a fifty day moving average price of $33.14 and a 200-day moving average price of $32.71. The firm has a market capitalization of $891.46 million, a P/E ratio of 15.99 and a beta of 0.47. Mid Penn Bancorp has a one year low of $26.50 and a one year high of $35.98.

Mid Penn Bancorp (NASDAQ:MPB) last issued 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 business 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%. On average, analysts expect that Mid Penn Bancorp will post 3.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Soto Matthew G. De bought 1,525 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was bought at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the transaction, the director directly owned 118,696 shares of the company’s stock, valued at $3,887,294. This represents a 1.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders purchased 2,172 shares of company stock valued at $72,485. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in shares of Mid Penn Bancorp by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider’s stock worth $70,555,000 after acquiring an additional 50,000 shares during the last quarter. Alliancebernstein L.P. raised its position in Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock worth $22,972,000 after purchasing an additional 405,316 shares during the period. Dimensional Fund Advisors LP raised 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 worth $24,061,000 after purchasing an additional 79,569 shares during the period. Fourthstone LLC raised its position in Mid Penn Bancorp by 32.7% in the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider’s stock worth $9,039,000 after purchasing an additional 71,827 shares during the period. Finally, Rhino Investment Partners Inc lifted its stake in Mid Penn Bancorp by 166.1% in the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock worth $7,463,000 after purchasing an additional 144,852 shares during the last quarter. 43.11% of the stock is 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.