Mid Penn Bancorp (NASDAQ:MPB) Hits New 52-Week High Following Analyst Upgrade

Mid Penn Bancorp (NASDAQ:MPB)’s share price hit a new 52-week high during trading on Wednesday after Raymond James Financial upgraded the stock to a moderate buy rating. The company traded as high as $35.46 and last traded at $35.2610, with a volume of 45183 shares. The stock had previously closed at $34.84.

Separately, Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.50.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De bought 1,525 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the purchase, the director directly owned 118,696 shares in the company, valued at $3,887,294. This represents a 1.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Hedge funds have recently modified their holdings of the stock. Legal & General Group Plc raised its position in shares of Mid Penn Bancorp by 35.6% in the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 493 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Mid Penn Bancorp by 416.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 2,664 shares during the last quarter. US Bancorp DE increased its stake in Mid Penn Bancorp by 4,471.3% during the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 4,829 shares in the last quarter. Royal Bank of Canada raised its holdings 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 worth $176,000 after buying an additional 507 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of 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 worth $156,000 after buying an additional 358 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Mid Penn Bancorp Stock Up 1.7%

The company’s 50 day moving average price is $33.08 and its 200 day moving average price is $32.67. The firm has a market capitalization of $897.75 million, a price-to-earnings ratio of 16.07 and a beta of 0.48.

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). The firm had revenue of $64.85 million during the quarter, compared to analyst estimates of $63.15 million. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%.

Mid Penn Bancorp Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, May 4th. Mid Penn Bancorp’s payout ratio is presently 40.00%.

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.