Mid Penn Bancorp (NASDAQ:MPB) Hits New 52-Week High – Still a Buy?

Mid Penn Bancorp (NASDAQ:MPB) shares hit a new 52-week high on Thursday . The stock traded as high as $37.18 and last traded at $35.3450, with a volume of 3343 shares trading hands. The stock had previously closed at $34.84.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Raymond James Financial began coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price target for the company. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Mid Penn Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $37.50.

Mid Penn Bancorp Price Performance

The firm has a market capitalization of $908.64 million, a P/E ratio of 16.30 and a beta of 0.47. The firm has a 50-day moving average price of $33.36 and a two-hundred day moving average price of $32.87.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). The company had revenue of $64.85 million during the quarter, compared to the consensus estimate of $63.15 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%. Sell-side analysts predict that Mid Penn Bancorp will post 3.2 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, May 4th. Mid Penn Bancorp’s payout ratio is 40.00%.

Insider Buying and Selling

In related news, Director Soto Matthew G. De bought 1,525 shares of Mid Penn Bancorp stock in a transaction dated Monday, May 4th. The shares were acquired at an average cost of $32.75 per share, with a total value of $49,943.75. Following the completion of the transaction, the director owned 118,696 shares in the company, valued at $3,887,294. The trade was a 1.30% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 2,172 shares of company stock valued at $72,485. 7.20% of the stock is owned by corporate insiders.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in Mid Penn Bancorp by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 11,774 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider’s stock worth $268,000 after buying an additional 1,796 shares during the period. Empowered Funds LLC grew its position in shares of Mid Penn Bancorp by 55.2% during the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider’s stock worth $1,490,000 after buying an additional 20,442 shares in the last quarter. Legal & General Group Plc grew its position in shares of Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after buying an additional 493 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Mid Penn Bancorp by 19.5% during the second quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider’s stock valued at $809,000 after buying an additional 4,677 shares during the period. Hedge funds and other institutional investors own 43.11% of the company’s stock.

About Mid Penn Bancorp

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.