Mid Penn Bancorp (NASDAQ:MPB) Hits New 12-Month High – Here’s Why

Mid Penn Bancorp (NASDAQ:MPB)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $37.26 and last traded at $37.30, with a volume of 36640 shares traded. The stock had previously closed at $36.46.

Analyst Ratings Changes

MPB has been the subject of several recent research reports. Raymond James Financial began coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price target for the company. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.50.

Mid Penn Bancorp Stock Performance

The company has a market capitalization of $941.89 million, a PE ratio of 13.13 and a beta of 0.47. The company has a 50 day moving average price of $33.90 and a 200 day moving average price of $33.09.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The business had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. On average, equities analysts forecast that Mid Penn Bancorp will post 3.33 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, August 3rd. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. Mid Penn Bancorp’s payout ratio is presently 31.10%.

Insider Activity

In related news, Director Soto Matthew G. De purchased 1,525 shares of Mid Penn Bancorp stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the completion of the transaction, the director owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. This trade represents a 1.30% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have bought 2,172 shares of company stock valued at $72,485. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in Mid Penn Bancorp by 35.6% during the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 493 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Mid Penn Bancorp by 416.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 2,664 shares during the period. US Bancorp DE increased its holdings in shares of Mid Penn Bancorp by 4,471.3% in the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 4,829 shares during the period. Royal Bank of Canada lifted its position in Mid Penn Bancorp by 10.2% in the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 507 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 358 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

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.