PNC Financial Services Group Inc. raised its holdings in Mid Penn Bancorp (NASDAQ:MPB – Free Report) by 280,843.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm 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.’s holdings in Mid Penn Bancorp were worth $4,337,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the business. Deprince Race & Zollo Inc. lifted its holdings in shares of Mid Penn Bancorp by 18.4% during the fourth quarter. Deprince Race & Zollo Inc. now owns 141,692 shares of the financial services provider’s stock worth $4,395,000 after purchasing an additional 22,000 shares during the period. Empowered Funds LLC increased its holdings in Mid Penn Bancorp by 33.7% in the fourth quarter. Empowered Funds LLC now owns 95,006 shares of the financial services provider’s stock valued at $2,947,000 after purchasing an additional 23,944 shares during the period. Barclays PLC increased its holdings in Mid Penn Bancorp by 39.7% in the fourth quarter. Barclays PLC now owns 48,931 shares of the financial services provider’s stock valued at $1,518,000 after purchasing an additional 13,917 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Mid Penn Bancorp during the 4th quarter worth $518,000. Finally, Price T Rowe Associates Inc. MD raised its position in Mid Penn Bancorp by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,502 shares of the financial services provider’s stock worth $357,000 after purchasing an additional 842 shares during the last quarter. Institutional investors own 43.11% of the company’s stock.
Insider Buying and Selling at Mid Penn Bancorp
In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 1,525 shares of the stock in a transaction dated Monday, May 4th. The stock was purchased at an average cost of $32.75 per share, with a total value of $49,943.75. Following the transaction, the director owned 118,696 shares in the company, valued at approximately $3,887,294. The trade was a 1.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 2,172 shares of company stock valued at $72,485. Company insiders own 7.20% of the company’s stock.
Mid Penn Bancorp Stock Up 1.6%
Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) last announced its 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%. Sell-side analysts anticipate that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.
Mid Penn Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, August 3rd. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. Mid Penn Bancorp’s dividend payout ratio (DPR) is 31.10%.
Wall Street Analyst Weigh In
MPB has been the topic of several recent research reports. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday. Weiss Ratings upgraded 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 started coverage on 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. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Mid Penn Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $39.50.
View Our Latest Analysis on MPB
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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