Mid Penn Bancorp (NASDAQ:MPB) Hits New 52-Week High – Here’s Why

Mid Penn Bancorp (NASDAQ:MPB)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $32.62 and last traded at $32.34, with a volume of 109570 shares. The stock had previously closed at $32.06.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MPB shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Keefe, Bruyette & Woods raised their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Mid Penn Bancorp Stock Performance

The stock has a market cap of $745.44 million, a PE ratio of 13.25 and a beta of 0.54. The firm’s 50-day moving average is $29.07 and its 200 day moving average is $28.76. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.95 and a current ratio of 0.95.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Tuesday, September 20th. The financial services provider reported $0.97 EPS for the quarter. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.25%. The company had revenue of $32.43 million for the quarter. As a group, research analysts anticipate that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 10th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, November 10th. This is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.20. Mid Penn Bancorp’s payout ratio is presently 36.07%.

Institutional Trading of Mid Penn Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in Mid Penn Bancorp by 11.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 52,991 shares of the financial services provider’s stock worth $1,373,000 after buying an additional 5,636 shares during the period. Nuveen LLC purchased a new stake in shares of Mid Penn Bancorp during the 1st quarter worth approximately $1,235,000. Wellington Management Group LLP grew its holdings in shares of Mid Penn Bancorp by 3.8% in the 1st quarter. Wellington Management Group LLP now owns 1,507,231 shares of the financial services provider’s stock worth $39,052,000 after acquiring an additional 55,054 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Mid Penn Bancorp by 7.7% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 113,340 shares of the financial services provider’s stock worth $2,937,000 after acquiring an additional 8,110 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Mid Penn Bancorp by 11.9% in the 1st quarter. MetLife Investment Management LLC now owns 9,773 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 1,043 shares in the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.