Mid Penn Bancorp (NASDAQ:MPB) Upgraded to Moderate Buy at Raymond James Financial

Raymond James Financial upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) to a moderate buy rating in a report published on Tuesday morning,Zacks.com reports.

Separately, Weiss Ratings raised 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 one has issued a Hold rating to the company’s stock. According to MarketBeat, Mid Penn Bancorp has an average rating of “Moderate Buy” and a consensus price target of $37.50.

Mid Penn Bancorp Stock Performance

Shares of MPB opened at $34.84 on Tuesday. Mid Penn Bancorp has a fifty-two week low of $26.50 and a fifty-two week high of $35.22. The firm has a market cap of $882.85 million, a price-to-earnings ratio of 15.84 and a beta of 0.48. The firm has a 50 day moving average price of $33.08 and a 200-day moving average price of $32.67.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.16). The business had revenue of $64.85 million for the quarter, compared to the consensus estimate of $63.15 million. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, May 4th. Mid Penn Bancorp’s dividend payout ratio is 40.00%.

Insider Activity

In other news, Director Soto Matthew G. De bought 1,525 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were purchased at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

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

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.