Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Upgraded by Raymond James Financial

Mid Penn Bancorp (NASDAQ:MPB) was upgraded by Raymond James Financial to a “moderate buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.50.

Mid Penn Bancorp Price Performance

NASDAQ MPB opened at $34.84 on Tuesday. The company has a fifty day moving average price of $33.08 and a 200-day moving average price of $32.67. The firm has a market cap of $882.85 million, a price-to-earnings ratio of 15.84 and a beta of 0.48. Mid Penn Bancorp has a 1 year low of $26.50 and a 1 year high of $35.22.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.16). The firm had revenue of $64.85 million for the quarter, compared to analysts’ expectations of $63.15 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.

Insider Transactions at Mid Penn Bancorp

In other news, Director Soto Matthew G. De bought 1,525 shares of the stock in a transaction on Monday, May 4th. The shares were purchased at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the purchase, the director directly owned 118,696 shares in the company, valued at $3,887,294. This represents a 1.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors have recently added to or reduced their stakes in MPB. Legal & General Group Plc increased its stake in shares of Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 493 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Mid Penn Bancorp by 416.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 2,664 shares in the last quarter. US Bancorp DE increased its position in shares of Mid Penn Bancorp by 4,471.3% during the third quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after buying an additional 4,829 shares during the period. Lazard Asset Management LLC boosted its position in shares of Mid Penn Bancorp by 6.9% in the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 358 shares during the period. Finally, Royal Bank of Canada increased its holdings in Mid Penn Bancorp by 10.2% during the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock worth $176,000 after acquiring an additional 507 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 is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.