Mid Penn Bancorp (NASDAQ:MPB) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Mid Penn Bancorp (NASDAQ:MPB) has earned a consensus rating of “Moderate Buy” from the five analysts that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $39.67.

Several equities research analysts have commented on MPB shares. Wall Street Zen lowered Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Keefe, Bruyette & Woods raised their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Weiss Ratings lowered Mid Penn Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $40.00 target price (down from $42.00) on shares of Mid Penn Bancorp in a report on Tuesday, October 27th.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors have recently bought and sold shares of the business. Legal & General Group Plc purchased a new position in shares of Mid Penn Bancorp in the 2nd quarter valued at $73,000. Royal Bank of Canada raised its position in Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 507 shares during the period. Stillwater Private Wealth LLC purchased a new position in Mid Penn Bancorp in the first quarter valued at about $225,000. Cetera Investment Advisers purchased a new position in Mid Penn Bancorp in the first quarter valued at about $233,000. Finally, Fischer Financial Services Inc. acquired a new position in shares of Mid Penn Bancorp during the second quarter worth about $234,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

Mid Penn Bancorp Stock Up 0.5%

NASDAQ:MPB opened at $34.46 on Tuesday. The company has a market cap of $872.87 million, a P/E ratio of 11.97 and a beta of 0.51. Mid Penn Bancorp has a fifty-two week low of $27.98 and a fifty-two week high of $39.15. The firm’s 50 day moving average is $35.90 and its two-hundred day moving average is $34.43.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Mid Penn Bancorp had a net margin of 17.83% and a return on equity of 9.15%. The company had revenue of $74.68 million during the quarter, compared to analyst estimates of $77.72 million. Research analysts forecast that Mid Penn Bancorp will post 3.28 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Monday, November 2nd will be issued a $0.23 dividend. The ex-dividend date is Monday, November 2nd. This represents a $0.92 annualized dividend and a yield of 2.7%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 31.94%.

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.