Mid Penn Bancorp (NASDAQ:MPB) Downgraded by StockNews.com

Mid Penn Bancorp (NASDAQ:MPB) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Separately, Piper Sandler boosted their price target on Mid Penn Bancorp from $25.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Mid Penn Bancorp Stock Performance

Shares of MPB traded down $0.17 during mid-day trading on Monday, hitting $30.31. 21,319 shares of the company’s stock were exchanged, compared to its average volume of 34,755. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $505.84 million, a P/E ratio of 13.12 and a beta of 0.58. Mid Penn Bancorp has a fifty-two week low of $18.63 and a fifty-two week high of $30.91. The business’s 50 day moving average is $28.80 and its two-hundred day moving average is $24.39.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. Mid Penn Bancorp had a return on equity of 7.99% and a net margin of 15.57%. The company had revenue of $44.10 million for the quarter, compared to analyst estimates of $41.63 million. On average, equities analysts expect that Mid Penn Bancorp will post 2.81 earnings per share for the current year.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently added to or reduced their stakes in MPB. BNP Paribas Financial Markets boosted its position in Mid Penn Bancorp by 53.2% during the 1st quarter. BNP Paribas Financial Markets now owns 22,545 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 7,832 shares during the period. LSV Asset Management boosted its position in Mid Penn Bancorp by 11.1% during the 1st quarter. LSV Asset Management now owns 128,961 shares of the financial services provider’s stock worth $2,581,000 after purchasing an additional 12,883 shares during the period. Empowered Funds LLC boosted its position in Mid Penn Bancorp by 7.8% during the 1st quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider’s stock worth $626,000 after purchasing an additional 2,275 shares during the period. Vanguard Group Inc. boosted its position in Mid Penn Bancorp by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock worth $13,774,000 after purchasing an additional 12,314 shares during the period. Finally, Kennedy Capital Management LLC boosted its position in Mid Penn Bancorp by 126.4% during the 1st quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after purchasing an additional 53,650 shares during the period. 43.11% of the stock is owned by hedge funds and other institutional investors.

About Mid Penn Bancorp

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 individual retirement accounts.