Mid Penn Bancorp (NASDAQ:MPB) Upgraded to “Hold” at Zacks Research

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

Several other equities analysts have also issued reports on the company. Raymond James Financial initiated coverage on Mid Penn Bancorp in a research report on Tuesday. They set an “outperform” rating and a $38.00 target price for the company. 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 research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $37.50.

Mid Penn Bancorp Stock Down 1.4%

NASDAQ:MPB opened at $35.18 on Wednesday. Mid Penn Bancorp has a 12-month low of $26.50 and a 12-month high of $35.98. The firm has a market capitalization of $891.46 million, a P/E ratio of 15.99 and a beta of 0.47. The stock’s fifty day simple moving average is $33.14 and its 200-day simple moving average is $32.71.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The company had revenue of $64.85 million during the quarter, compared to the consensus estimate of $63.15 million. As a group, equities research analysts expect that Mid Penn Bancorp will post 3.2 earnings per share for the current year.

Insider Activity

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 shares were acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the transaction, the director owned 118,696 shares in the company, valued at $3,887,294. This represents a 1.30% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 2,172 shares of company stock worth $72,485 in the last ninety days. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in Mid Penn Bancorp by 107.5% during the first quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 11,774 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider’s stock valued at $268,000 after buying an additional 1,796 shares during the last quarter. Empowered Funds LLC lifted its position in Mid Penn Bancorp by 55.2% during the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider’s stock worth $1,490,000 after buying an additional 20,442 shares in the last quarter. Legal & General Group Plc lifted its position in Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after buying an additional 493 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Mid Penn Bancorp by 19.5% during the 2nd quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider’s stock worth $809,000 after buying an additional 4,677 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.