Mid Penn Bancorp (NASDAQ:MPB) Hits New 12-Month High – Here’s What Happened

Mid Penn Bancorp (NASDAQ:MPB) shares reached a new 52-week high on Wednesday . The company traded as high as $35.22 and last traded at $34.9560, with a volume of 62914 shares traded. The stock had previously closed at $34.07.

Wall Street Analysts Forecast Growth

MPB has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their target price on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Mid Penn Bancorp has an average rating of “Moderate Buy” and an average price target of $37.00.

Mid Penn Bancorp Trading Up 1.4%

The company’s fifty day moving average is $31.56 and its two-hundred day moving average is $29.81. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $796.61 million, a price-to-earnings ratio of 13.55 and a beta of 0.56.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $61.52 million for the quarter, compared to analyst estimates of $62.65 million. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.84%. On average, research analysts predict that Mid Penn Bancorp will post 3 EPS for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a dividend yield of 253.0%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 34.51%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MPB. Geode Capital Management LLC raised its stake in Mid Penn Bancorp by 21.4% during the 2nd quarter. Geode Capital Management LLC now owns 501,446 shares of the financial services provider’s stock valued at $14,144,000 after acquiring an additional 88,398 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Mid Penn Bancorp in the second quarter valued at approximately $261,000. Los Angeles Capital Management LLC acquired a new stake in shares of Mid Penn Bancorp during the second quarter worth $592,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Mid Penn Bancorp by 22.8% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,038 shares of the financial services provider’s stock valued at $1,975,000 after buying an additional 12,999 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in Mid Penn Bancorp in the 2nd quarter valued at $3,186,000. 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.