PNC Financial Services Group Inc. Has $4.34 Million Stock Holdings in Mid Penn Bancorp $MPB

PNC Financial Services Group Inc. boosted its position in Mid Penn Bancorp (NASDAQ:MPB) by 280,843.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,853 shares of the financial services provider’s stock after acquiring an additional 134,805 shares during the quarter. PNC Financial Services Group Inc. owned 0.53% of Mid Penn Bancorp worth $4,337,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in Mid Penn Bancorp by 35.6% during the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 493 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Mid Penn Bancorp by 416.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 2,664 shares during the last quarter. US Bancorp DE increased its stake 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 purchasing an additional 4,829 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock worth $156,000 after buying an additional 358 shares in the last quarter. Finally, Stifel Financial Corp acquired a new position in shares of Mid Penn Bancorp during the 4th quarter worth $201,000. 43.11% of the stock is owned by institutional investors.

Insider Transactions at Mid Penn Bancorp

In other news, Director Soto Matthew G. De bought 1,525 shares of the stock in a transaction on Monday, May 4th. The stock was acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the acquisition, the director directly owned 118,696 shares in the company, valued at approximately $3,887,294. This trade 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 is available through this hyperlink. Over the last ninety days, insiders bought 2,172 shares of company stock valued at $72,485. 7.20% of the stock is owned by corporate insiders.

Mid Penn Bancorp Stock Performance

NASDAQ MPB opened at $37.75 on Tuesday. The firm’s fifty day moving average price is $34.02 and its two-hundred day moving average price is $33.15. The stock has a market cap of $956.59 million, a PE ratio of 13.34 and a beta of 0.47. Mid Penn Bancorp has a fifty-two week low of $26.56 and a fifty-two week high of $38.32.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. The company had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. As a group, sell-side analysts predict that Mid Penn Bancorp will post 3.33 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, August 3rd. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. Mid Penn Bancorp’s payout ratio is currently 31.10%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MPB. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Raymond James Financial started coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 target price on the stock. Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.50.

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.