Mid Penn Bancorp (NASDAQ:MPB) Stock Rated “Moderate Buy” by Sell-Side Analysts

Mid Penn Bancorp (NASDAQ:MPB) has been assigned an average recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $39.50.

Several research analysts have issued reports on the stock. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Wall Street Zen downgraded shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Piper Sandler assumed coverage on Mid Penn Bancorp in a research report on Friday. They issued an “overweight” rating on the stock. Finally, Raymond James Financial started coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price on the stock.

Mid Penn Bancorp Price Performance

MPB opened at $36.17 on Friday. The stock has a 50-day moving average price of $37.01 and a 200-day moving average price of $34.84. The firm has a market cap of $916.19 million, a PE ratio of 12.78 and a beta of 0.49. 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 announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. The company had revenue of $75.87 million for the quarter, compared to analysts’ expectations of $73.28 million. As a group, sell-side analysts anticipate that Mid Penn Bancorp will post 3.34 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. Mid Penn Bancorp’s dividend payout ratio is currently 32.51%.

Hedge Funds Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of MPB. Legal & General Group Plc bought a new stake in shares of Mid Penn Bancorp in the second quarter worth approximately $73,000. Royal Bank of Canada lifted its position in Mid Penn Bancorp by 10.2% during the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 507 shares during the period. Fischer Financial Services Inc. purchased a new stake in Mid Penn Bancorp in the second quarter worth approximately $234,000. Stillwater Private Wealth LLC bought a new stake in Mid Penn Bancorp in the 1st quarter worth approximately $225,000. Finally, Cetera Investment Advisers bought a new stake in Mid Penn Bancorp in the 1st quarter worth approximately $233,000. Institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Millersburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides community banking services to individuals, families, businesses and government entities.

The bank offers deposit accounts, residential and commercial real estate lending, consumer loans, commercial loans, treasury management and other business banking services. It also provides mortgage banking, wealth management and trust services designed to support customers’ borrowing, investment and financial planning needs.

Mid Penn Bank traces its roots to 1868 and serves communities primarily throughout central and eastern Pennsylvania through a network of banking offices and digital banking channels.