Mid Penn Bancorp (NASDAQ:MPB) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Mid Penn Bancorp (NASDAQ:MPB) issued its earnings results on Wednesday. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.03), FiscalAI reports. The company had revenue of $74.68 million during the quarter, compared to analyst estimates of $77.72 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%.

Mid Penn Bancorp Stock Down 0.4%

NASDAQ:MPB traded down $0.16 during midday trading on Wednesday, reaching $36.35. The stock had a trading volume of 91,624 shares, compared to its average volume of 142,742. The firm has a fifty day simple moving average of $36.69 and a two-hundred day simple moving average of $35.07. Mid Penn Bancorp has a 12-month low of $27.60 and a 12-month high of $39.15. The stock has a market cap of $920.75 million, a P/E ratio of 12.84 and a beta of 0.49.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Mid Penn Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price objective for the company. Piper Sandler started coverage on Mid Penn Bancorp in a report on Friday, October 9th. They set an “overweight” rating and a $42.00 price objective on the stock. Wall Street Zen cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Keefe, Bruyette & Woods boosted their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.33.

About Mid Penn Bancorp

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.