Mid Penn Bancorp (NASDAQ:MPB) Downgraded to “Hold” Rating by Wall Street Zen

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

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

Mid Penn Bancorp Price Performance

NASDAQ MPB opened at $38.43 on Friday. The stock has a market capitalization of $973.62 million, a price-to-earnings ratio of 13.58 and a beta of 0.47. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15. The business’s fifty day moving average is $35.62 and its 200-day moving average is $33.73.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly 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. The company had revenue of $75.87 million during the quarter, compared to analyst estimates of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. Research analysts expect that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were paid a $0.23 dividend. The ex-dividend date was Monday, August 3rd. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. Mid Penn Bancorp’s dividend payout ratio is 32.51%.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently modified their holdings of MPB. Legal & General Group Plc grew its stake 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 in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Mid Penn Bancorp by 416.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 2,664 shares in the last quarter. US Bancorp DE lifted its position in shares of Mid Penn Bancorp by 4,471.3% during the third 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 in the last quarter. Royal Bank of Canada boosted its holdings in shares of Mid Penn Bancorp by 10.2% in the first 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. Finally, Lazard Asset Management LLC boosted its holdings in shares of Mid Penn Bancorp by 6.9% in the second 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. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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.