Mid Penn Bancorp (NASDAQ:MPB) Shares Gap Up – Here’s Why

Shares of Mid Penn Bancorp (NASDAQ:MPB) gapped up before the market opened on Friday . The stock had previously closed at $31.52, but opened at $32.78. Mid Penn Bancorp shares last traded at $33.0050, with a volume of 1,107 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MPB. Wall Street Zen downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Keefe, Bruyette & Woods upped their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Mid Penn Bancorp in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Mid Penn Bancorp Stock Up 0.2%

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The stock’s 50-day simple moving average is $31.31 and its 200 day simple moving average is $29.70. The firm has a market cap of $758.35 million, a P/E ratio of 12.90 and a beta of 0.56.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. Mid Penn Bancorp had a return on equity of 8.84% and a net margin of 16.04%.The company had revenue of $61.52 million for the quarter, compared to the consensus estimate of $62.65 million. As a group, research analysts forecast that Mid Penn Bancorp will post 3 EPS for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The firm also recently declared a special dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th will be issued a dividend of $0.05 per share. This represents a dividend yield of 253.0%. The ex-dividend date is Friday, February 6th. Mid Penn Bancorp’s dividend payout ratio is presently 34.51%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new position in Mid Penn Bancorp during the third quarter worth $26,000. Legal & General Group Plc raised its holdings in shares of Mid Penn Bancorp by 35.6% during the second 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 period. Ameritas Investment Partners Inc. boosted its position in shares of Mid Penn Bancorp by 35.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,055 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 540 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of 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 in the last quarter. Finally, Palouse Capital Management Inc. acquired a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at about $96,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.