18,731 Shares in Mid Penn Bancorp $MPB Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC bought a new position in shares of Mid Penn Bancorp (NASDAQ:MPB) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,731 shares of the financial services provider’s stock, valued at approximately $602,000. Renaissance Technologies LLC owned approximately 0.07% of Mid Penn Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MPB. Legal & General Group Plc grew its stake in shares of 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 worth $53,000 after acquiring an additional 493 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Mid Penn Bancorp by 416.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 2,664 shares in the last quarter. US Bancorp DE raised its stake in shares of Mid Penn Bancorp by 4,471.3% in the third quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 4,829 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Mid Penn Bancorp by 6.9% in the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 358 shares during the period. Finally, Stifel Financial Corp purchased a new position in Mid Penn Bancorp in the fourth quarter valued at $201,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Raymond James Financial assumed coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price for the company. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Wall Street Zen downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Mid Penn Bancorp presently has an average rating of “Moderate Buy” and an average target price of $39.50.

Mid Penn Bancorp Stock Performance

NASDAQ:MPB opened at $38.43 on Monday. The stock has a 50-day simple moving average of $35.62 and a 200-day simple moving average of $33.74. The stock has a market cap of $973.43 million, a P/E ratio of 13.58 and a beta of 0.47. Mid Penn Bancorp has a 1 year low of $26.56 and a 1 year high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last issued its 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 return on equity of 8.82% and a net margin of 17.55%.The business had revenue of $75.87 million for the quarter, compared to analyst estimates of $73.28 million. On average, equities research analysts predict that Mid Penn Bancorp will post 3.33 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were paid a $0.23 dividend. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 2.4%. The ex-dividend date was Monday, August 3rd. Mid Penn Bancorp’s payout ratio is currently 32.51%.

Mid Penn Bancorp Company 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.