Mid Penn Bancorp (NASDAQ:MPB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from a sell rating to a hold rating in a research note released on Saturday, Zacks.com reports.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

Separately, DA Davidson began coverage on shares of Mid Penn Bancorp in a report on Tuesday, April 16th. They issued a neutral rating for the company.

Shares of NASDAQ MPB opened at $23.67 on Friday. The stock has a market cap of $196.14 million, a price-to-earnings ratio of 11.55 and a beta of 0.54. The business has a fifty day moving average of $25.43. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.97 and a current ratio of 0.97. Mid Penn Bancorp has a one year low of $21.54 and a one year high of $31.75.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The company had revenue of $20.64 million during the quarter, compared to analysts’ expectations of $20.39 million. Mid Penn Bancorp had a return on equity of 7.81% and a net margin of 15.61%. As a group, research analysts predict that Mid Penn Bancorp will post 2.15 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Wednesday, August 7th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Tuesday, August 6th. Mid Penn Bancorp’s payout ratio is presently 35.12%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its stake in Mid Penn Bancorp by 2,277.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,257 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 3,120 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Mid Penn Bancorp by 235.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,845 shares of the financial services provider’s stock worth $95,000 after purchasing an additional 2,698 shares during the last quarter. Bank of America Corp DE boosted its stake in Mid Penn Bancorp by 34.8% during the 4th quarter. Bank of America Corp DE now owns 8,359 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 2,156 shares during the last quarter. Context BH Capital Management LP boosted its stake in Mid Penn Bancorp by 6.0% during the 2nd quarter. Context BH Capital Management LP now owns 8,814 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 501 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Mid Penn Bancorp by 49.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 16,303 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 5,407 shares during the last quarter. 15.17% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs.

Read More: What does an equal weight rating mean?

Get a free copy of the Zacks research report on Mid Penn Bancorp (MPB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Mid Penn Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mid Penn Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.