Mid Penn Bancorp (NASDAQ:MPB) Sets New 1-Year High on Better-Than-Expected Earnings

Mid Penn Bancorp (NASDAQ:MPB)’s stock price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $33.25 and last traded at $33.4950, with a volume of 50531 shares changing hands. The stock had previously closed at $31.88.

The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.84%. The firm had revenue of $61.52 million during the quarter, compared to analysts’ expectations of $62.65 million.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a special dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th will be issued a dividend of $0.05 per share. This represents a yield of 253.0%. The ex-dividend date of this dividend is Friday, February 6th. Mid Penn Bancorp’s payout ratio is currently 34.51%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MPB. Keefe, Bruyette & Woods upped 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. Wall Street Zen upgraded shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently added to or reduced their stakes in MPB. Wellington Management Group LLP raised its position in Mid Penn Bancorp by 25.4% in the third quarter. Wellington Management Group LLP now owns 2,224,513 shares of the financial services provider’s stock worth $63,710,000 after acquiring an additional 450,909 shares during the period. Alliancebernstein L.P. increased its stake in shares of Mid Penn Bancorp by 102.2% during the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock worth $22,972,000 after purchasing an additional 405,316 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Mid Penn Bancorp by 1,238.5% in the 3rd quarter. Franklin Resources Inc. now owns 126,056 shares of the financial services provider’s stock worth $3,610,000 after purchasing an additional 116,638 shares during the period. Russell Investments Group Ltd. purchased a new position in Mid Penn Bancorp in the second quarter valued at approximately $3,186,000. Finally, Geode Capital Management LLC grew its holdings in Mid Penn Bancorp by 21.4% during the second quarter. Geode Capital Management LLC now owns 501,446 shares of the financial services provider’s stock valued at $14,144,000 after purchasing an additional 88,398 shares during the period. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Trading Down 5.3%

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a fifty day simple moving average of $31.02 and a two-hundred day simple moving average of $29.64. The firm has a market capitalization of $751.43 million, a P/E ratio of 12.78 and a beta of 0.56.

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.