Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Lowered by Wall Street Zen

Mid Penn Bancorp (NASDAQ:MPB) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

MPB has been the topic of a number of other research reports. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price for the company. Keefe, Bruyette & Woods upped their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ MPB opened at $38.43 on Friday. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The company has a market cap of $973.43 million, a price-to-earnings ratio of 13.58 and a beta of 0.47. The stock’s 50 day simple moving average is $35.62 and its 200 day simple moving average is $33.74.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The firm had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%. As a group, equities analysts forecast that Mid Penn Bancorp will post 3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lazard Asset Management LLC grew its holdings in Mid Penn Bancorp by 6.9% during the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock worth $156,000 after acquiring an additional 358 shares during the period. Legal & General Group Plc raised its stake 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 purchasing an additional 493 shares during the period. Royal Bank of Canada raised its stake in Mid Penn Bancorp by 10.2% during the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 507 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Mid Penn Bancorp by 5.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,937 shares of the financial services provider’s stock valued at $308,000 after purchasing an additional 576 shares in the last quarter. Finally, Citadel Advisors LLC lifted its holdings in shares of Mid Penn Bancorp by 5.3% in the third quarter. Citadel Advisors LLC now owns 12,669 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 636 shares in the last quarter. 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 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.