Mid Penn Bancorp (NASDAQ:MPB) Releases Earnings Results, Beats Expectations By $0.06 EPS

Mid Penn Bancorp (NASDAQ:MPB) issued its earnings results on Wednesday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06, FiscalAI reports. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The business had revenue of $75.87 million for the quarter, compared to analyst estimates of $73.28 million.

Mid Penn Bancorp Stock Down 1.1%

Shares of NASDAQ:MPB traded down $0.38 on Wednesday, reaching $34.89. 132,442 shares of the company’s stock were exchanged, compared to its average volume of 153,703. The firm has a market capitalization of $884.11 million, a price-to-earnings ratio of 15.86 and a beta of 0.47. Mid Penn Bancorp has a fifty-two week low of $26.50 and a fifty-two week high of $37.17. The business’s 50-day moving average is $33.61 and its two-hundred day moving average is $32.99.

Analyst Ratings Changes

A number of research firms recently commented on MPB. Raymond James Financial initiated coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target for the company. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.50.

Insider Activity

In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 1,525 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was acquired at an average cost of $32.75 per share, with a total value of $49,943.75. Following the acquisition, the director owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. This represents a 1.30% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have bought 2,172 shares of company stock valued at $72,485. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc lifted its holdings in Mid Penn Bancorp by 35.6% in the second 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 holdings 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 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 worth $141,000 after purchasing an additional 4,829 shares during the period. 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 worth $156,000 after purchasing an additional 358 shares during the period. Finally, Stifel Financial Corp bought a new stake in shares of Mid Penn Bancorp in the 4th quarter worth approximately $201,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.