Mid Penn Bancorp (NASDAQ:MPB) Downgraded by StockNews.com

StockNews.com cut shares of Mid Penn Bancorp (NASDAQ:MPB) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

Separately, Piper Sandler lifted their target price on Mid Penn Bancorp from $25.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, July 29th.

Mid Penn Bancorp Price Performance

Shares of Mid Penn Bancorp stock opened at $31.59 on Monday. The stock has a market cap of $527.21 million, a price-to-earnings ratio of 13.68 and a beta of 0.58. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a 50 day moving average price of $29.02 and a 200-day moving average price of $24.52. Mid Penn Bancorp has a one year low of $18.63 and a one year high of $31.78.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. The firm had revenue of $44.10 million during the quarter, compared to analysts’ expectations of $41.63 million. Mid Penn Bancorp had a return on equity of 7.99% and a net margin of 15.57%. Equities analysts expect that Mid Penn Bancorp will post 2.81 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Friday, August 9th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 34.63%.

Hedge Funds Weigh In On Mid Penn Bancorp

Several hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Mid Penn Bancorp in the 3rd quarter valued at $163,000. New Wave Wealth Advisors LLC bought a new position in shares of Mid Penn Bancorp during the 2nd quarter worth $278,000. Squarepoint Ops LLC bought a new position in shares of Mid Penn Bancorp during the 2nd quarter worth $282,000. Dimensional Fund Advisors LP grew its position in shares of Mid Penn Bancorp by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after buying an additional 31,292 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Mid Penn Bancorp by 8.8% during the 2nd quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock worth $3,170,000 after buying an additional 11,731 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and individual retirement accounts.