Mid Penn Bancorp (NASDAQ:MPB) Sets New 52-Week High After Analyst Upgrade

Mid Penn Bancorp (NASDAQ:MPB) hit a new 52-week high on Wednesday after Raymond James Financial upgraded the stock to a moderate buy rating. The stock traded as high as $35.46 and last traded at $35.2610, with a volume of 45183 shares. The stock had previously closed at $34.84.

Separately, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Mid Penn Bancorp has an average rating of “Moderate Buy” and a consensus price target of $37.50.

Insider Transactions at Mid Penn Bancorp

In other news, Director Soto Matthew G. De acquired 1,525 shares of Mid Penn Bancorp stock in a transaction on Monday, May 4th. The shares were bought at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the acquisition, the director directly owned 118,696 shares of the company’s stock, valued at $3,887,294. This trade represents a 1.30% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Mid Penn Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in MPB. 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 boosted its stake in shares of Mid Penn Bancorp by 416.9% during 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 in the last quarter. US Bancorp DE boosted its stake in shares of Mid Penn Bancorp by 4,471.3% during 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 in the last quarter. Lazard Asset Management LLC increased its holdings in Mid Penn Bancorp by 6.9% during the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares during the period. Finally, Royal Bank of Canada increased its holdings in Mid Penn Bancorp by 10.2% during the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after buying an additional 507 shares during the period. 43.11% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Stock Up 1.7%

The company has a market cap of $897.75 million, a P/E ratio of 16.07 and a beta of 0.48. The business’s 50 day moving average is $33.08 and its 200 day moving average is $32.67.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16). Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The company had revenue of $64.85 million for the quarter, compared to the consensus estimate of $63.15 million.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, May 4th. Mid Penn Bancorp’s dividend payout ratio is 40.00%.

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.