Mid Penn Bancorp (NASDAQ:MPB) Cut to “Hold” at Wall Street Zen

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

A number of other equities research analysts also recently issued reports on the stock. Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target on the stock. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods upped their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

Mid Penn Bancorp Stock Performance

NASDAQ:MPB opened at $38.19 on Friday. The business’s fifty day moving average is $35.72 and its 200 day moving average is $33.79. The firm has a market cap of $967.35 million, a price-to-earnings ratio of 13.49 and a beta of 0.47. Mid Penn Bancorp has a 52-week low of $26.56 and a 52-week high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. The business had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%. Equities analysts predict 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 was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. Mid Penn Bancorp’s payout ratio is 32.51%.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in shares of Mid Penn Bancorp by 280,843.8% in the first quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider’s stock worth $4,337,000 after purchasing an additional 134,805 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mid Penn Bancorp by 11.9% during the first quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock valued at $24,061,000 after purchasing an additional 79,569 shares during the last quarter. Rhino Investment Partners Inc lifted its position in Mid Penn Bancorp by 166.1% during the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock valued at $7,463,000 after purchasing an additional 144,852 shares during the last quarter. Sei Investments Co. grew its stake in Mid Penn Bancorp by 118.3% in the 1st quarter. Sei Investments Co. now owns 32,142 shares of the financial services provider’s stock worth $1,034,000 after buying an additional 17,420 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Mid Penn Bancorp in the 1st quarter worth $602,000. Institutional investors own 43.11% of the company’s stock.

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.