Mid Penn Bancorp (NASDAQ:MPB) Posts Earnings Results, Misses Estimates By $0.03 EPS

Mid Penn Bancorp (NASDAQ:MPB) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.03), FiscalAI reports. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. The company had revenue of $74.68 million during the quarter, compared to analysts’ expectations of $77.72 million.

Mid Penn Bancorp Stock Down 0.4%

Shares of MPB stock traded down $0.16 on Wednesday, reaching $36.35. The company’s stock had a trading volume of 89,429 shares, compared to its average volume of 142,742. The company has a market capitalization of $920.75 million, a P/E ratio of 12.84 and a beta of 0.49. Mid Penn Bancorp has a 12-month low of $27.60 and a 12-month high of $39.15. The stock’s 50 day simple moving average is $36.69 and its 200-day simple moving average is $35.07.

Wall Street Analyst Weigh In

Several brokerages have commented on MPB. Wall Street Zen downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Raymond James Financial initiated coverage on 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. Keefe, Bruyette & Woods upped their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Piper Sandler assumed coverage on shares of Mid Penn Bancorp in a report on Friday, October 9th. They issued an “overweight” rating and a $42.00 price target on the stock. Finally, Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and an average target price of $40.33.

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.