Mid Penn Bancorp (NASDAQ:MPB) Upgraded at Wall Street Zen

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

A number of other research analysts have also recently commented on MPB. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their price objective on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Raymond James Financial began coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.50.

Mid Penn Bancorp Trading Down 0.1%

Shares of MPB stock opened at $38.31 on Friday. The stock has a market capitalization of $970.97 million, a price-to-earnings ratio of 13.54 and a beta of 0.47. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The stock’s 50-day moving average price is $34.63 and its 200-day moving average price is $33.40.

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

Mid Penn Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a $0.23 dividend. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, August 3rd. Mid Penn Bancorp’s dividend payout ratio is currently 32.51%.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of MPB. AQR Capital Management LLC boosted its position in Mid Penn Bancorp by 107.5% in the first quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider’s stock valued at $589,000 after buying an additional 11,774 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Mid Penn Bancorp by 21.0% during 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 acquiring an additional 1,796 shares during the period. Empowered Funds LLC boosted its holdings in shares of Mid Penn Bancorp by 55.2% in the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider’s stock valued at $1,490,000 after acquiring an additional 20,442 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of 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 acquiring an additional 493 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Mid Penn Bancorp by 19.5% in the 2nd quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider’s stock valued at $809,000 after acquiring 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.