Mid Penn Bancorp (NASDAQ:MPB) Lifted to “Buy” at Zacks Investment Research

Mid Penn Bancorp (NASDAQ:MPBGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $29.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.20% from the company’s previous close.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

Separately, StockNews.com initiated coverage on Mid Penn Bancorp in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

Shares of NASDAQ MPB opened at $26.08 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a market cap of $416.18 million, a P/E ratio of 10.23 and a beta of 0.55. Mid Penn Bancorp has a twelve month low of $25.52 and a twelve month high of $33.89. The firm has a 50 day moving average price of $26.85.

Mid Penn Bancorp (NASDAQ:MPBGet Rating) last released its earnings results on Wednesday, April 27th. The financial services provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.12. Mid Penn Bancorp had a net margin of 20.32% and a return on equity of 10.01%. Research analysts forecast that Mid Penn Bancorp will post 2.83 EPS for the current year.

In other news, Director John E. Noone bought 1,000 shares of Mid Penn Bancorp stock in a transaction on Friday, February 4th. The stock was purchased at an average cost of $28.68 per share, with a total value of $28,680.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have bought 1,643 shares of company stock valued at $46,106 in the last 90 days. Insiders own 10.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MPB. Morgan Stanley grew its position in Mid Penn Bancorp by 6.9% in the 1st quarter. Morgan Stanley now owns 18,679 shares of the financial services provider’s stock valued at $501,000 after buying an additional 1,212 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Mid Penn Bancorp by 12.4% in the second quarter. Bank of America Corp DE now owns 19,498 shares of the financial services provider’s stock valued at $536,000 after acquiring an additional 2,151 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Mid Penn Bancorp during the second quarter valued at approximately $213,000. SG Americas Securities LLC bought a new stake in Mid Penn Bancorp during the third quarter worth approximately $179,000. Finally, Russell Investments Group Ltd. acquired a new stake in Mid Penn Bancorp in the third quarter worth approximately $49,000. Institutional investors own 38.54% of the company’s stock.

Mid Penn Bancorp Company Profile (Get Rating)

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 IRAs.

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