Mid Penn Bancorp (NASDAQ:MPB) Raised to “Strong-Buy” at Piper Sandler

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by analysts at Piper Sandler to a “strong-buy” rating in a research note issued to investors on Friday, MarketBeat.com reports. The firm currently has a $42.00 target price on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 17.65% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price objective on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price on the stock. Weiss Ratings raised shares of Mid Penn Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday. Finally, Wall Street Zen downgraded shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Mid Penn Bancorp presently has an average rating of “Buy” and an average target price of $40.33.

Mid Penn Bancorp Price Performance

Shares of MPB stock opened at $35.70 on Friday. The company has a market capitalization of $904.46 million, a P/E ratio of 12.61 and a beta of 0.49. The company’s 50-day simple moving average is $36.96 and its two-hundred day simple moving average is $34.84. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The firm had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. On average, research analysts expect that Mid Penn Bancorp will post 3.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new stake in Mid Penn Bancorp in the second quarter valued at approximately $260,000. Squarepoint Ops LLC increased its position 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 worth $645,000 after purchasing an additional 5,229 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Mid Penn Bancorp by 9.0% during the 2nd 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 lifted its holdings in shares of Mid Penn Bancorp by 1.4% during the 2nd quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider’s stock valued at $80,381,000 after purchasing an additional 32,628 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Mid Penn Bancorp in the 2nd quarter worth $3,914,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

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.