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

Shares of Mid Penn Bancorp (NASDAQ:MPB) reached a new 52-week high during trading on Thursday . The stock traded as high as $37.18 and last traded at $35.3450, with a volume of 3343 shares trading hands. The stock had previously closed at $34.84.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a research report 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, Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Mid Penn Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $37.50.

Mid Penn Bancorp Trading Down 1.4%

The business has a 50-day moving average price of $33.48 and a two-hundred day moving average price of $32.92. The stock has a market capitalization of $898.05 million, a P/E ratio of 16.11 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16). Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.The company had revenue of $64.85 million for the quarter, compared to analyst estimates of $63.15 million. On average, sell-side analysts forecast that Mid Penn Bancorp will post 3.2 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, May 4th. Mid Penn Bancorp’s dividend payout ratio is presently 40.00%.

Insider Buying and Selling

In other news, Director Soto Matthew G. De bought 1,525 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was bought at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the transaction, the director owned 118,696 shares of the company’s stock, valued at $3,887,294. This represents a 1.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have bought 2,172 shares of company stock valued at $72,485. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Stillwater Private Wealth LLC acquired a new position in Mid Penn Bancorp during the first quarter valued at approximately $225,000. Bank of America Corp DE boosted its holdings in shares of Mid Penn Bancorp by 62.5% in the 1st quarter. Bank of America Corp DE now owns 73,129 shares of the financial services provider’s stock valued at $2,352,000 after purchasing an additional 28,127 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Mid Penn Bancorp by 10.2% in the 1st 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 in the last quarter. Rhino Investment Partners Inc increased its stake in shares of Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock valued at $7,463,000 after purchasing an additional 144,852 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Mid Penn Bancorp by 9.8% in the 1st quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider’s stock valued at $3,356,000 after purchasing an additional 9,348 shares during the last quarter. 43.11% of the stock is owned by institutional investors.

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.