Mid Penn Bancorp (NASDAQ:MPB) Announces Quarterly Earnings Results

Mid Penn Bancorp (NASDAQ:MPB) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.83 earnings per share for the quarter, FiscalAI reports. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.25%. The firm had revenue of $61.52 million during the quarter.

Mid Penn Bancorp Price Performance

NASDAQ MPB traded up $1.64 during mid-day trading on Wednesday, hitting $33.52. The stock had a trading volume of 145,374 shares, compared to its average volume of 108,496. The company has a market cap of $772.64 million, a price-to-earnings ratio of 13.74 and a beta of 0.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. Mid Penn Bancorp has a 52-week low of $22.50 and a 52-week high of $33.56. The company has a 50 day simple moving average of $30.77 and a 200 day simple moving average of $29.56.

Institutional Trading of Mid Penn Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue purchased a new position in Mid Penn Bancorp during the third quarter worth approximately $26,000. Legal & General Group Plc increased its holdings in shares of Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after buying an additional 493 shares during the last quarter. Ameritas Investment Partners Inc. raised its position 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 worth $58,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Mid Penn Bancorp by 416.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 2,664 shares during the last quarter. Finally, Palouse Capital Management Inc. purchased a new stake in Mid Penn Bancorp during the second quarter valued at about $96,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MPB shares. Keefe, Bruyette & Woods raised their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. Finally, 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. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Mid Penn Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.