Mid Penn Bancorp (NASDAQ:MPB) Announces Earnings Results

Mid Penn Bancorp (NASDAQ:MPB) posted its earnings results on Wednesday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08, FiscalAI reports. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The firm had revenue of $75.87 million during the quarter, compared to analyst estimates of $73.28 million.

Mid Penn Bancorp Trading Down 1.1%

Shares of MPB stock opened at $34.89 on Thursday. The stock has a market capitalization of $884.11 million, a P/E ratio of 15.86 and a beta of 0.47. The firm’s 50 day moving average is $33.68 and its 200 day moving average is $33.02. Mid Penn Bancorp has a 12 month low of $26.50 and a 12 month high of $37.17.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.6%. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, August 3rd. Mid Penn Bancorp’s payout ratio is presently 40.00%.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Soto Matthew G. De bought 1,525 shares of the stock in a transaction on Monday, May 4th. The shares were acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the acquisition, the director directly owned 118,696 shares of the company’s stock, valued at $3,887,294. The trade was a 1.30% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have purchased 2,172 shares of company stock valued at $72,485. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in 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 valued at $53,000 after acquiring an additional 493 shares during the period. Tower Research Capital LLC TRC increased its stake in Mid Penn Bancorp by 416.9% in 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 during the period. US Bancorp DE lifted its position in Mid Penn Bancorp by 4,471.3% in the third quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 4,829 shares during the last quarter. Lazard Asset Management LLC lifted its position in Mid Penn Bancorp by 6.9% in the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 358 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Mid Penn Bancorp during the fourth quarter valued at approximately $201,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Analyst Upgrades and Downgrades

MPB has been the topic of several recent analyst reports. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price on the stock. Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.50.

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.