The Manufacturers Life Insurance Company Takes Position in Mid Penn Bancorp $MPB

The Manufacturers Life Insurance Company acquired a new position in shares of Mid Penn Bancorp (NASDAQ:MPB) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 270,643 shares of the financial services provider’s stock, valued at approximately $9,429,000.

A number of other large investors have also recently made changes to their positions in MPB. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Mid Penn Bancorp in the second quarter valued at approximately $695,000. De Lisle Partners LLP acquired a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at $3,238,000. Mystic Asset Management Inc. acquired a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at $461,000. Fischer Financial Services Inc. purchased a new stake in shares of Mid Penn Bancorp during the 2nd quarter worth $234,000. Finally, BlackRock Inc. purchased a new stake in shares of Mid Penn Bancorp during the 2nd quarter worth $60,141,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on MPB. 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. Weiss Ratings raised Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Raymond James Financial initiated coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price on the stock. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.50.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ:MPB opened at $36.67 on Friday. The company has a 50-day simple moving average of $36.34 and a 200-day simple moving average of $34.01. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15. The stock has a market capitalization of $928.85 million, a price-to-earnings ratio of 12.96 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%.The company had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. As a group, research analysts forecast that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date was Monday, August 3rd. Mid Penn Bancorp’s dividend payout ratio (DPR) is 32.51%.

Mid Penn Bancorp 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.