Rhino Investment Partners Inc Purchases 144,852 Shares of Mid Penn Bancorp $MPB

Rhino Investment Partners Inc boosted its position in Mid Penn Bancorp (NASDAQ:MPB) by 166.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 232,072 shares of the financial services provider’s stock after buying an additional 144,852 shares during the quarter. Mid Penn Bancorp makes up about 2.1% of Rhino Investment Partners Inc’s portfolio, making the stock its 18th biggest position. Rhino Investment Partners Inc’s holdings in Mid Penn Bancorp were worth $7,463,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc grew its stake 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 acquiring an additional 493 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Mid Penn Bancorp by 416.9% during the second 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 last quarter. US Bancorp DE grew 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 in the last quarter. Lazard Asset Management LLC increased its stake in Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in Mid Penn Bancorp during the 4th quarter worth about $201,000. Institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Price Performance

Shares of MPB opened at $38.35 on Wednesday. The company has a market cap of $971.98 million, a PE ratio of 13.55 and a beta of 0.47. The firm has a 50-day moving average of $34.15 and a 200-day moving average of $33.20. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last issued its 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 9.00%. The company had revenue of $75.87 million for the quarter, compared to analysts’ expectations of $73.28 million. Analysts expect that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. This is a boost 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 dividend payout ratio (DPR) is presently 32.51%.

Analyst Ratings Changes

A number of research firms have recently commented on MPB. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Raymond James Financial started coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target for the company. Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods upped their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Mid Penn Bancorp has a consensus rating of “Moderate Buy” and an average target price of $39.50.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 1,525 shares of the company’s stock in a transaction on Monday, May 4th. The shares were purchased at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the purchase, the director directly owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. This represents a 1.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 2,172 shares of company stock valued at $72,485 in the last 90 days. 7.20% of the stock is owned by corporate insiders.

Mid Penn Bancorp 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.