Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $37.18 and last traded at $35.3450, with a volume of 3343 shares trading hands. The stock had previously closed at $34.84.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on MPB shares. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Raymond James Financial initiated 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. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.
Get Our Latest Stock Report on MPB
Mid Penn Bancorp Price Performance
Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) last posted its earnings results 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 firm had revenue of $64.85 million for the quarter, compared to the consensus estimate of $63.15 million. Equities research analysts expect that Mid Penn Bancorp will post 3.2 earnings per share for the current year.
Mid Penn Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a dividend of $0.22 per share. The ex-dividend date was Monday, May 4th. This represents a $0.88 annualized dividend and a yield of 2.5%. Mid Penn Bancorp’s dividend payout ratio (DPR) is 40.00%.
Insider Activity at Mid Penn Bancorp
In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 1,525 shares of the company’s stock in a transaction on Monday, May 4th. The stock was acquired at an average cost of $32.75 per share, with a total value of $49,943.75. Following the purchase, the director directly owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. This represents a 1.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have acquired 2,172 shares of company stock valued at $72,485. Company insiders own 7.20% of the company’s stock.
Institutional Investors Weigh In On Mid Penn Bancorp
Several large investors have recently added to or reduced their stakes in MPB. AQR Capital Management LLC raised its position 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 valued at $589,000 after purchasing an additional 11,774 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 worth $268,000 after purchasing 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 worth $1,490,000 after purchasing an additional 20,442 shares during the period. Legal & General Group Plc increased its position in shares of 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 valued at $53,000 after purchasing an additional 493 shares during the last quarter. Finally, Rhumbline Advisers increased its position 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 valued at $809,000 after purchasing an additional 4,677 shares during the last quarter. 43.11% of the stock is owned by institutional investors.
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.
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