Wall Street Zen Upgrades Mid Penn Bancorp (NASDAQ:MPB) to Buy

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

Other equities analysts also recently issued reports about the stock. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Raymond James Financial started coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target for the company. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Mid Penn Bancorp Price Performance

MPB stock opened at $38.34 on Friday. The firm has a 50 day moving average of $34.51 and a two-hundred day moving average of $33.35. Mid Penn Bancorp has a 12 month low of $26.56 and a 12 month high of $39.15. The company has a market capitalization of $971.54 million, a price-to-earnings ratio of 13.55 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share 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 business had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. On average, research analysts expect that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MPB. Legal & General Group Plc lifted its position 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 worth $53,000 after acquiring an additional 493 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Mid Penn Bancorp by 416.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 2,664 shares during the last quarter. US Bancorp DE grew its position in shares of 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 grew its position in shares of 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, Royal Bank of Canada increased its stake in shares of Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 507 shares during the period. 43.11% of the stock is currently owned by institutional investors and hedge funds.

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.