Mid Penn Bancorp (NASDAQ:MPB) Upgraded at Raymond James Financial

Raymond James Financial upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from an outperform rating to a strong-buy rating in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $42.00 price objective on the financial services provider’s stock, up from their previous price objective of $39.00.

MPB has been the subject of a number of other research reports. Piper Sandler reiterated an “overweight” rating and issued a $40.00 price objective (down from $42.00) on shares of Mid Penn Bancorp in a research report on Tuesday, October 27th. Weiss Ratings cut Mid Penn Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Keefe, Bruyette & Woods upped their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Wall Street Zen lowered Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $41.00.

Mid Penn Bancorp Trading Down 0.1%

MPB stock traded down $0.02 during trading on Thursday, reaching $35.28. 208,055 shares of the stock were exchanged, compared to its average volume of 167,157. Mid Penn Bancorp has a twelve month low of $27.98 and a twelve month high of $39.15. The company has a market capitalization of $894.00 million, a P/E ratio of 12.25 and a beta of 0.51. The stock has a 50 day simple moving average of $35.74 and a 200-day simple moving average of $34.49.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $74.68 million for the quarter, compared to the consensus estimate of $77.72 million. Mid Penn Bancorp had a net margin of 17.83% and a return on equity of 9.06%. Equities analysts predict that Mid Penn Bancorp will post 3.28 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 13th. Investors of record on Monday, November 2nd were paid a $0.23 dividend. The ex-dividend date of this dividend was Monday, November 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. Mid Penn Bancorp’s payout ratio is presently 31.94%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in shares of Mid Penn Bancorp by 1.4% in the 2nd quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider’s stock valued at $80,381,000 after purchasing an additional 32,628 shares during the period. BlackRock Inc. bought a new position in shares of Mid Penn Bancorp during the 2nd quarter worth approximately $60,141,000. Dimensional Fund Advisors LP lifted its position in shares of Mid Penn Bancorp by 11.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock worth $24,061,000 after buying an additional 79,569 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Mid Penn Bancorp in the 2nd quarter valued at $9,429,000. Finally, Marshall Wace LLP boosted its stake in Mid Penn Bancorp by 231.8% in the 3rd quarter. Marshall Wace LLP now owns 225,109 shares of the financial services provider’s stock valued at $7,969,000 after buying an additional 157,263 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc. is a bank holding company headquartered in Harrisburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides commercial and consumer banking services to individuals, businesses, and organizations. The bank offers deposit accounts, business and personal loans, mortgage lending, cash management, and online and mobile banking. It also provides wealth management and trust services. Mid Penn Bank traces its history to 1868 and serves communities across Pennsylvania, with a network of branches concentrated in the state’s central and eastern regions.