Mid Penn Bancorp (NASDAQ:MPB) Sees Large Volume Increase – Should You Buy?

Mid Penn Bancorp (NASDAQ:MPB) saw strong trading volume on Thursday . 118,670 shares were traded during trading, an increase of 51% from the previous session’s volume of 78,529 shares.The stock last traded at $32.0750 and had previously closed at $31.32.

Analysts Set New Price Targets

Several analysts have recently issued reports on MPB shares. Weiss Ratings reissued 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 note on Saturday, November 15th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Mid Penn Bancorp Stock Up 0.1%

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. The company has a market cap of $747.68 million, a price-to-earnings ratio of 13.30 and a beta of 0.56. The firm’s fifty day simple moving average is $30.65 and its 200 day simple moving average is $29.52.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. The business had revenue of $61.81 million for the quarter, compared to analyst estimates of $58.40 million. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.25%. Sell-side analysts predict that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

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

Hedge Funds Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue purchased a new stake in Mid Penn Bancorp in the third quarter valued at $26,000. Legal & General Group Plc lifted its holdings 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 purchasing an additional 493 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Mid Penn Bancorp by 35.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,055 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 540 shares during the last quarter. Tower Research Capital LLC TRC boosted its position 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 valued at $93,000 after purchasing an additional 2,664 shares during the period. Finally, Palouse Capital Management Inc. purchased a new position in Mid Penn Bancorp during the 2nd quarter worth approximately $96,000. 43.11% of the stock is owned by institutional investors and hedge funds.

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.