Mid Penn Bancorp (NASDAQ:MPB) Hits New 1-Year High – Here’s What Happened

Mid Penn Bancorp (NASDAQ:MPB) shares hit a new 52-week high on Friday . The company traded as high as $37.26 and last traded at $37.30, with a volume of 36640 shares traded. The stock had previously closed at $36.46.

Analyst Ratings Changes

MPB has been the topic of a number of recent research reports. Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Raymond James Financial started coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price target for the company. Finally, Zacks Research upgraded 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 issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

Mid Penn Bancorp Trading Up 2.6%

The company has a market capitalization of $948.35 million, a price-to-earnings ratio of 13.22 and a beta of 0.47. The company’s 50 day simple moving average is $33.78 and its 200-day simple moving average is $33.06.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data 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. The business had revenue of $75.87 million during the quarter, compared to analyst estimates of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. Sell-side analysts anticipate that Mid Penn Bancorp will post 3.2 EPS 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 paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. Mid Penn Bancorp’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling

In related news, Director Soto Matthew G. De purchased 1,525 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $32.75 per share, with a total value of $49,943.75. Following the completion of the transaction, the director owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. This trade represents a 1.30% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 2,172 shares of company stock worth $72,485 over the last ninety days. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc grew 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 worth $53,000 after acquiring an additional 493 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of 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 valued at $93,000 after acquiring an additional 2,664 shares during the last quarter. US Bancorp DE raised its position in shares of Mid Penn Bancorp by 4,471.3% during the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 4,829 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 358 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in 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 hedge funds and other institutional investors.

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.