Mid Penn Bancorp (NASDAQ:MPB) Price Target Raised to $41.00

Mid Penn Bancorp (NASDAQ:MPB) had its price target boosted by Keefe, Bruyette & Woods from $37.00 to $41.00 in a research report released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on MPB. 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. Raymond James Financial began coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 target price for the company. Finally, Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

Mid Penn Bancorp Trading Up 0.2%

NASDAQ:MPB opened at $38.44 on Monday. The firm has a market cap of $974.07 million, a P/E ratio of 13.58 and a beta of 0.47. The stock’s 50 day simple moving average is $34.27 and its 200-day simple moving average is $33.25. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 9.00% and a net margin of 17.55%.The business had revenue of $75.87 million during the quarter, compared to analysts’ expectations of $73.28 million. Research analysts forecast that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, August 3rd. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 31.10%.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 1,525 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average price of $32.75 per share, with a total value of $49,943.75. Following the completion of the acquisition, the director directly owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. The trade was a 1.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders acquired a total of 2,172 shares of company stock worth $72,485 over the last quarter. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Mid Penn Bancorp by 25.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,224,513 shares of the financial services provider’s stock valued at $63,710,000 after purchasing an additional 450,909 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Mid Penn Bancorp by 102.2% in the third quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock valued at $22,972,000 after purchasing an additional 405,316 shares during the period. Rhino Investment Partners Inc boosted its holdings in Mid Penn Bancorp by 166.1% during the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock worth $7,463,000 after buying an additional 144,852 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Mid Penn Bancorp by 280,843.8% during the first quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider’s stock worth $4,337,000 after buying an additional 134,805 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Mid Penn Bancorp by 1,238.5% during the third quarter. Franklin Resources Inc. now owns 126,056 shares of the financial services provider’s stock worth $3,610,000 after buying an additional 116,638 shares during the period. Institutional investors and hedge funds 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.