Mid Penn Bancorp (NASDAQ:MPB) Releases Earnings Results, Misses Expectations By $0.16 EPS

Mid Penn Bancorp (NASDAQ:MPB) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16), FiscalAI reports. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.64%. The company had revenue of $64.85 million during the quarter, compared to analysts’ expectations of $63.15 million.

Mid Penn Bancorp Stock Down 2.8%

NASDAQ MPB traded down $0.96 during trading hours on Tuesday, hitting $33.43. 145,103 shares of the company were exchanged, compared to its average volume of 148,529. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.03. The firm has a market cap of $847.12 million, a price-to-earnings ratio of 13.11 and a beta of 0.51. The company has a 50 day moving average of $32.63 and a two-hundred day moving average of $31.23. Mid Penn Bancorp has a 52-week low of $25.47 and a 52-week high of $35.22.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a special dividend, which was paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, February 6th. This represents a yield of 254.0%. Mid Penn Bancorp’s dividend payout ratio is 34.51%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MPB shares. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Mid Penn Bancorp presently has a consensus rating of “Buy” and a consensus target price of $37.00.

Insider Activity at Mid Penn Bancorp

In other news, Director Thomas R. Brugger acquired 818 shares of Mid Penn Bancorp stock in a transaction dated Friday, March 6th. The shares were acquired at an average cost of $31.35 per share, for a total transaction of $25,644.30. Following the acquisition, the director owned 6,110 shares of the company’s stock, valued at $191,548.50. This trade represents a 15.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Soto Matthew G. De acquired 972 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were purchased at an average cost of $30.85 per share, with a total value of $29,986.20. Following the completion of the transaction, the director owned 4,299 shares in the company, valued at approximately $132,624.15. The trade was a 29.22% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 3,408 shares of company stock worth $105,578. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its stake in Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 493 shares during the last quarter. Tower Research Capital LLC TRC lifted its position 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 worth $93,000 after buying an additional 2,664 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Mid Penn Bancorp by 4,471.3% in the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after buying an additional 4,829 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in Mid Penn Bancorp during the 4th quarter worth $201,000. Hedge funds and other 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.