3,420 Shares in Mid Penn Bancorp $MPB Bought by Palouse Capital Management Inc.

Palouse Capital Management Inc. purchased a new position in shares of Mid Penn Bancorp (NASDAQ:MPB) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 3,420 shares of the financial services provider’s stock, valued at approximately $96,000.

Several other institutional investors have also modified their holdings of the business. Kennedy Investment Group bought a new position in shares of Mid Penn Bancorp during the second quarter valued at approximately $668,000. Retirement Planning Co of New England Inc. bought a new stake in Mid Penn Bancorp during the first quarter worth approximately $282,000. Corebridge Financial Inc. raised its position in shares of Mid Penn Bancorp by 15.1% during the first quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 1,124 shares during the period. Nuveen LLC purchased a new position in shares of Mid Penn Bancorp in the first quarter worth approximately $1,235,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Mid Penn Bancorp by 11.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 52,991 shares of the financial services provider’s stock valued at $1,373,000 after purchasing an additional 5,636 shares during the period. Institutional investors and hedge funds own 43.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Mid Penn Bancorp Price Performance

MPB opened at $29.20 on Tuesday. The stock has a market cap of $671.57 million, a P/E ratio of 11.97 and a beta of 0.65. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $29.17 and a 200 day simple moving average of $28.48. Mid Penn Bancorp has a 12 month low of $22.50 and a 12 month high of $33.87.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Tuesday, September 20th. The financial services provider reported $0.97 earnings per share for the quarter. The business had revenue of $32.43 million during the quarter. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.54%. On average, research analysts expect that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 10th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, November 10th. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.20. Mid Penn Bancorp’s payout ratio is currently 36.07%.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and individual retirement accounts.