Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) was upgraded by stock analysts at Zacks Research to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.
Several other analysts have also issued reports on the stock. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Raymond James Financial started coverage on shares of Mid Penn Bancorp in a research note on Tuesday. They issued an “outperform” rating and a $38.00 price target for the company. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $37.50.
Read Our Latest Research Report on MPB
Mid Penn Bancorp Stock Down 1.4%
Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $63.15 million. As a group, analysts anticipate that Mid Penn Bancorp will post 3.2 earnings per share for the current year.
Insider Transactions at Mid Penn Bancorp
In related news, Director Soto Matthew G. De acquired 1,525 shares of the business’s stock in a transaction on Monday, May 4th. The stock was purchased at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the transaction, the director directly owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. The trade was a 1.30% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 2,172 shares of company stock worth $72,485 in the last three months. Company insiders own 7.20% of the company’s stock.
Hedge Funds Weigh In On Mid Penn Bancorp
Institutional investors and hedge funds have recently made changes to their positions in the company. Stillwater Private Wealth LLC bought a new position in shares of Mid Penn Bancorp during the first quarter worth approximately $225,000. Bank of America Corp DE boosted its stake in Mid Penn Bancorp by 62.5% in the 1st quarter. Bank of America Corp DE now owns 73,129 shares of the financial services provider’s stock valued at $2,352,000 after purchasing an additional 28,127 shares during the period. Royal Bank of Canada boosted its stake in Mid Penn Bancorp by 10.2% in the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 507 shares during the period. Rhino Investment Partners Inc grew its holdings in Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock valued at $7,463,000 after buying an additional 144,852 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Mid Penn Bancorp by 9.8% in the 1st quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider’s stock valued at $3,356,000 after buying an additional 9,348 shares in the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.
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.
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