Mid Penn Bancorp (NASDAQ:MPB) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a sell rating in a research note released on Saturday morning, Zacks.com reports.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

Separately, DA Davidson started coverage on Mid Penn Bancorp in a research note on Tuesday, April 16th. They set a neutral rating for the company.

Mid Penn Bancorp stock opened at $24.39 on Friday. Mid Penn Bancorp has a 12 month low of $21.54 and a 12 month high of $32.55. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.95 and a quick ratio of 0.95. The business’s 50 day moving average is $25.67. The stock has a market capitalization of $212.15 million, a PE ratio of 11.77 and a beta of 0.54.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.01). Mid Penn Bancorp had a return on equity of 7.89% and a net margin of 15.61%. The company had revenue of $20.64 million for the quarter, compared to analysts’ expectations of $20.39 million. Sell-side analysts expect that Mid Penn Bancorp will post 2.15 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Wednesday, August 7th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Tuesday, August 6th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 35.12%.

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Mid Penn Bancorp by 34.8% in the fourth quarter. Bank of America Corp DE now owns 8,359 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 2,156 shares in the last quarter. Bank of New York Mellon Corp raised its position in Mid Penn Bancorp by 78.5% in the fourth quarter. Bank of New York Mellon Corp now owns 26,672 shares of the financial services provider’s stock worth $614,000 after acquiring an additional 11,729 shares in the last quarter. Wharton Business Group LLC raised its position in Mid Penn Bancorp by 7.2% in the first quarter. Wharton Business Group LLC now owns 30,580 shares of the financial services provider’s stock worth $749,000 after acquiring an additional 2,065 shares in the last quarter. Geode Capital Management LLC raised its position in Mid Penn Bancorp by 12.1% in the fourth quarter. Geode Capital Management LLC now owns 48,092 shares of the financial services provider’s stock worth $1,107,000 after acquiring an additional 5,187 shares in the last quarter. Finally, BlackRock Inc. raised its position in Mid Penn Bancorp by 4.6% in the fourth quarter. BlackRock Inc. now owns 222,286 shares of the financial services provider’s stock worth $5,116,000 after acquiring an additional 9,707 shares in the last quarter. Institutional investors and hedge funds own 15.25% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs.

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