Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Raised to “Strong-Buy” at Piper Sandler

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by analysts at Piper Sandler to a “strong-buy” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm currently has a $42.00 price target on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 17.65% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Raymond James Financial initiated coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 target price for the company. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Weiss Ratings raised Mid Penn Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday. Wall Street Zen lowered Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Mid Penn Bancorp presently has an average rating of “Buy” and a consensus target price of $40.33.

Mid Penn Bancorp Stock Down 1.3%

MPB stock opened at $35.70 on Friday. The firm has a 50 day moving average of $36.96 and a 200 day moving average of $34.84. The stock has a market capitalization of $904.46 million, a PE ratio of 12.61 and a beta of 0.49. Mid Penn Bancorp has a 52 week low of $26.56 and a 52 week high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. The business had revenue of $75.87 million for the quarter, compared to analyst estimates of $73.28 million. On average, equities research analysts expect that Mid Penn Bancorp will post 3.34 earnings per share for the current year.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of institutional investors have recently modified their holdings of MPB. Bank of New York Mellon Corp purchased a new stake in Mid Penn Bancorp in the 2nd quarter worth approximately $3,992,000. De Lisle Partners LLP purchased a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at approximately $3,238,000. The Manufacturers Life Insurance Company purchased a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at approximately $9,429,000. PNC Financial Services Group Inc. lifted its stake in shares of Mid Penn Bancorp by 280,843.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider’s stock valued at $4,337,000 after purchasing an additional 134,805 shares during the period. Finally, Bank of America Corp DE lifted its stake 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 during the period. Hedge funds and other 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 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.