Mid Penn Bancorp (NASDAQ:MPB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Mid Penn Bancorp (NASDAQ:MPB) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $37.00 to $41.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 8.21% from the stock’s previous close.

MPB has been the topic of a number of other reports. Raymond James Financial began coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price objective on the stock. 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. Finally, Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.50.

Mid Penn Bancorp Stock Performance

NASDAQ:MPB traded up $0.72 on Monday, hitting $37.89. 80,477 shares of the stock were exchanged, compared to its average volume of 154,499. Mid Penn Bancorp has a 52 week low of $26.56 and a 52 week high of $38.32. The stock has a market capitalization of $960.13 million, a price-to-earnings ratio of 13.38 and a beta of 0.47. The company’s 50-day moving average price is $33.90 and its 200 day moving average price is $33.10.

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, topping analysts’ consensus estimates 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 net margin of 17.55% and a return on equity of 9.00%. As a group, equities research analysts predict that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Soto Matthew G. De bought 1,525 shares of the business’s stock in a transaction on Monday, May 4th. The shares were bought at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the acquisition, the director owned 118,696 shares in the company, valued at approximately $3,887,294. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 2,172 shares of company stock valued at $72,485 over the last ninety days. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Stillwater Private Wealth LLC bought a new stake in shares of Mid Penn Bancorp in the 1st quarter valued at $225,000. Bank of America Corp DE grew its stake in Mid Penn Bancorp by 62.5% in the first quarter. Bank of America Corp DE now owns 73,129 shares of the financial services provider’s stock valued at $2,352,000 after acquiring an additional 28,127 shares during the period. Royal Bank of Canada grew its stake in 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 valued at $176,000 after acquiring an additional 507 shares during the period. Rhino Investment Partners Inc grew its stake in Mid Penn Bancorp by 166.1% in 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 acquiring an additional 144,852 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Mid Penn Bancorp by 9.8% in the first quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider’s stock worth $3,356,000 after acquiring an additional 9,348 shares in 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.