Mid Penn Bancorp (NASDAQ:MPB) Upgraded to “Strong-Buy” at Raymond James Financial

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by investment analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a report issued on Thursday, FinViz reports. The firm currently has a $42.00 price target on the financial services provider’s stock, up from their prior price target of $39.00. Raymond James Financial‘s price objective indicates a potential upside of 20.21% from the stock’s previous close.

Several other brokerages also recently issued reports on MPB. Keefe, Bruyette & Woods increased their price objective on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings cut shares of Mid Penn Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $40.00 target price (down from $42.00) on shares of Mid Penn Bancorp in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Mid Penn Bancorp has an average rating of “Buy” and a consensus price target of $41.00.

Mid Penn Bancorp Stock Performance

Shares of MPB opened at $34.94 on Thursday. The stock has a 50 day simple moving average of $35.80 and a 200 day simple moving average of $34.45. Mid Penn Bancorp has a 52-week low of $27.98 and a 52-week high of $39.15. The firm has a market capitalization of $885.38 million, a PE ratio of 10.80 and a beta of 0.51.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Wednesday, October 21st. The financial services provider reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). Mid Penn Bancorp had a return on equity of 9.06% and a net margin of 17.83%. The company had revenue of $74.68 million for the quarter, compared to analyst estimates of $77.72 million. Equities research analysts predict that Mid Penn Bancorp will post 3.28 EPS for the current fiscal year.

Institutional Trading of Mid Penn Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new position in shares of Mid Penn Bancorp during the 2nd quarter worth approximately $73,000. Royal Bank of Canada grew its stake in shares of Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after buying an additional 507 shares in the last quarter. Fischer Financial Services Inc. bought a new position in shares of Mid Penn Bancorp in the second quarter valued at $234,000. Stillwater Private Wealth LLC acquired a new position in Mid Penn Bancorp during the first quarter worth $225,000. Finally, Cetera Investment Advisers acquired a new position in Mid Penn Bancorp during the first quarter worth $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 Harrisburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides commercial and consumer banking services to individuals, businesses, and organizations. The bank offers deposit accounts, business and personal loans, mortgage lending, cash management, and online and mobile banking. It also provides wealth management and trust services. Mid Penn Bank traces its history to 1868 and serves communities across Pennsylvania, with a network of branches concentrated in the state’s central and eastern regions.