Mid Penn Bancorp (NASDAQ:MPB) Issues Earnings Results

Mid Penn Bancorp (NASDAQ:MPB) announced its earnings results on Wednesday. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08, FiscalAI reports. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. The company had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million.

Mid Penn Bancorp Stock Up 1.2%

MPB stock traded up $0.42 during midday trading on Friday, reaching $36.88. The company’s stock had a trading volume of 6,352 shares, compared to its average volume of 153,743. The business’s 50-day simple moving average is $33.78 and its 200-day simple moving average is $33.06. Mid Penn Bancorp has a 52 week low of $26.50 and a 52 week high of $37.17. The stock has a market cap of $934.67 million, a PE ratio of 13.02 and a beta of 0.47.

Mid Penn Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be paid a $0.23 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. Mid Penn Bancorp’s payout ratio is 40.00%.

Insider Activity at Mid Penn Bancorp

In related news, Director Soto Matthew G. De purchased 1,525 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were bought at an average price of $32.75 per share, with a total value of $49,943.75. Following the purchase, the director directly owned 118,696 shares in the company, valued at $3,887,294. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders have acquired 2,172 shares of company stock worth $72,485. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its position in shares of Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock worth $156,000 after buying an additional 358 shares during the period. Legal & General Group Plc raised its position in shares of Mid Penn Bancorp by 35.6% in the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 493 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Mid Penn Bancorp by 5.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,937 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 576 shares during the period. Citadel Advisors LLC boosted its stake in Mid Penn Bancorp by 5.3% during the 3rd quarter. Citadel Advisors LLC now owns 12,669 shares of the financial services provider’s stock worth $363,000 after acquiring an additional 636 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Mid Penn Bancorp by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,502 shares of the financial services provider’s stock worth $357,000 after acquiring an additional 842 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MPB. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Raymond James Financial started coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.50.

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.