Mid Penn Bancorp (NASDAQ:MPB) Stock Has Consensus Target Price of $39.50

Shares of Mid Penn Bancorp (NASDAQ:MPB) have been given an average rating of “Moderate Buy” by the five brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $39.50.

MPB has been the topic of several recent analyst reports. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods increased their target price 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 assumed coverage on 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, Piper Sandler initiated coverage on Mid Penn Bancorp in a research report on Friday. They set an “overweight” rating on the stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC purchased a new stake in Mid Penn Bancorp in the second quarter worth about $260,000. Squarepoint Ops LLC lifted its holdings in shares of Mid Penn Bancorp by 39.4% during the second quarter. Squarepoint Ops LLC now owns 18,516 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 5,229 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Mid Penn Bancorp by 9.0% during the second quarter. Susquehanna Fundamental Investments LLC now owns 12,096 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 998 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Mid Penn Bancorp by 1.4% in the 2nd quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider’s stock worth $80,381,000 after purchasing an additional 32,628 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Mid Penn Bancorp in the 2nd quarter worth approximately $3,914,000. 43.11% of the stock is owned by hedge funds and other institutional investors.

Mid Penn Bancorp Price Performance

MPB opened at $36.17 on Friday. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15. The business has a 50 day simple moving average of $37.01 and a two-hundred day simple moving average of $34.84. The firm has a market capitalization of $916.19 million, a price-to-earnings ratio of 12.78 and a beta of 0.49.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The firm had revenue of $75.87 million for the quarter, compared to analyst estimates 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, sell-side analysts expect that Mid Penn Bancorp will post 3.34 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a $0.23 dividend. The ex-dividend date of this dividend was 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 payout ratio is currently 32.51%.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Millersburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides community banking services to individuals, families, businesses and government entities.

The bank offers deposit accounts, residential and commercial real estate lending, consumer loans, commercial loans, treasury management and other business banking services. It also provides mortgage banking, wealth management and trust services designed to support customers’ borrowing, investment and financial planning needs.

Mid Penn Bank traces its roots to 1868 and serves communities primarily throughout central and eastern Pennsylvania through a network of banking offices and digital banking channels.