Dimensional Fund Advisors LP Grows Stake in Mid Penn Bancorp $MPB

Dimensional Fund Advisors LP grew its holdings in shares of Mid Penn Bancorp (NASDAQ:MPB) by 11.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 748,196 shares of the financial services provider’s stock after purchasing an additional 79,569 shares during the period. Dimensional Fund Advisors LP’s holdings in Mid Penn Bancorp were worth $24,061,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC increased its position in Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares in the last quarter. Legal & General Group Plc raised its stake in Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after buying an additional 493 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Mid Penn Bancorp by 5.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,937 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 576 shares in the last quarter. Citadel Advisors LLC grew its stake in shares of Mid Penn Bancorp by 5.3% during the third quarter. Citadel Advisors LLC now owns 12,669 shares of the financial services provider’s stock worth $363,000 after acquiring an additional 636 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Mid Penn Bancorp by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 108,145 shares of the financial services provider’s stock worth $3,478,000 after acquiring an additional 787 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Mid Penn Bancorp Stock Down 1.3%

Mid Penn Bancorp stock opened at $37.80 on Friday. The stock has a 50-day moving average price of $34.95 and a 200 day moving average price of $33.52. The company has a market capitalization of $958.04 million, a price-to-earnings ratio of 13.36 and a beta of 0.47. Mid Penn Bancorp has a 52 week low of $26.56 and a 52 week high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. The company had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. Research 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 disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a $0.23 dividend. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. Mid Penn Bancorp’s payout ratio is currently 32.51%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Raymond James Financial started coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price target on the stock. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods upped their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.50.

Mid Penn Bancorp 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.