18,731 Shares in Mid Penn Bancorp $MPB Bought by Renaissance Technologies LLC

Renaissance Technologies LLC purchased a new stake in Mid Penn Bancorp (NASDAQ:MPB) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 18,731 shares of the financial services provider’s stock, valued at approximately $602,000.

Several other large investors also recently bought and sold shares of MPB. Wellington Management Group LLP grew its holdings in shares of Mid Penn Bancorp by 2.2% during the fourth quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider’s stock worth $70,555,000 after purchasing an additional 50,000 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock valued at $22,972,000 after purchasing an additional 405,316 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Mid Penn Bancorp by 11.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock valued at $24,061,000 after purchasing an additional 79,569 shares during the period. Fourthstone LLC boosted its position in shares of Mid Penn Bancorp by 32.7% in the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider’s stock valued at $9,039,000 after purchasing an additional 71,827 shares during the period. Finally, Emerald Mutual Fund Advisers Trust grew its stake in Mid Penn Bancorp by 5.2% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 162,411 shares of the financial services provider’s stock worth $5,223,000 after buying an additional 8,000 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Raymond James Financial assumed coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 price target on the stock. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings upgraded shares of Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Mid Penn Bancorp Stock Performance

Mid Penn Bancorp stock opened at $38.43 on Monday. The stock has a 50 day moving average of $35.62 and a two-hundred day moving average of $33.74. Mid Penn Bancorp has a twelve month low of $26.56 and a twelve month high of $39.15. The stock has a market capitalization of $973.43 million, a price-to-earnings ratio of 13.58 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. The business had revenue of $75.87 million for the quarter, compared to analyst estimates of $73.28 million. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%. Equities analysts predict that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were given a $0.23 dividend. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a yield of 2.4%. Mid Penn Bancorp’s payout ratio is 32.51%.

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.