Mid Penn Bancorp (NASDAQ:MPB) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Mid Penn Bancorp (NASDAQ:MPB) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $35.04 and traded as low as $34.80. Mid Penn Bancorp shares last traded at $35.92, with a volume of 115,001 shares traded.

Analyst Ratings Changes

Several research analysts have recently commented on MPB shares. Raymond James Financial began coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price for the company. Weiss Ratings upgraded shares of Mid Penn Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Piper Sandler initiated coverage on Mid Penn Bancorp in a research note on Friday, October 9th. They issued an “overweight” rating and a $42.00 price target for the company. Finally, Wall Street Zen cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.33.

Mid Penn Bancorp Stock Performance

The company has a market cap of $920.75 million, a price-to-earnings ratio of 12.84 and a beta of 0.49. The company has a fifty day moving average of $36.69 and a two-hundred day moving average of $35.07.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.03). Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. The firm had revenue of $74.68 million during the quarter, compared to analyst estimates of $77.72 million. Equities analysts expect that Mid Penn Bancorp will post 3.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its holdings in shares of Mid Penn Bancorp by 1.4% during the second quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider’s stock valued at $80,381,000 after buying an additional 32,628 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Mid Penn Bancorp during the second quarter valued at approximately $60,141,000. Dimensional Fund Advisors LP grew its holdings in Mid Penn Bancorp by 11.9% during the first quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock worth $24,061,000 after buying an additional 79,569 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Mid Penn Bancorp in the 2nd quarter worth $9,429,000. Finally, 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 purchasing an additional 144,852 shares during the last quarter. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is the holding company for Mid Penn Bank, a community banking institution headquartered in Millersburg, Pennsylvania. The bank provides financial services to individuals, families, businesses, nonprofit organizations and municipalities through a network of community banking offices and digital banking channels.

Mid Penn Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, equipment financing, personal loans and credit products.