New Wave Wealth Advisors LLC Takes $278,000 Position in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

New Wave Wealth Advisors LLC bought a new position in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,687 shares of the financial services provider’s stock, valued at approximately $278,000. New Wave Wealth Advisors LLC owned about 0.08% of Mid Penn Bancorp as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in Mid Penn Bancorp during the 2nd quarter worth approximately $282,000. Dimensional Fund Advisors LP raised its position in shares of Mid Penn Bancorp by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after purchasing an additional 31,292 shares during the period. American Century Companies Inc. raised its position in shares of Mid Penn Bancorp by 8.8% during the second quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock worth $3,170,000 after purchasing an additional 11,731 shares during the period. ClariVest Asset Management LLC lifted its holdings in shares of Mid Penn Bancorp by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider’s stock worth $842,000 after purchasing an additional 1,072 shares in the last quarter. Finally, LSV Asset Management increased its stake in Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after purchasing an additional 27,098 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Stock Up 2.5 %

MPB stock opened at $29.83 on Tuesday. The stock has a market cap of $497.83 million, a P/E ratio of 12.91 and a beta of 0.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. The stock’s fifty day simple moving average is $28.51 and its two-hundred day simple moving average is $23.75. Mid Penn Bancorp, Inc. has a 1-year low of $18.63 and a 1-year high of $30.91.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.06. Mid Penn Bancorp had a net margin of 15.57% and a return on equity of 7.99%. The company had revenue of $44.10 million during the quarter, compared to analyst estimates of $41.63 million. Analysts expect that Mid Penn Bancorp, Inc. will post 2.81 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.80 annualized dividend and a dividend yield of 2.68%. Mid Penn Bancorp’s payout ratio is currently 34.63%.

Wall Street Analyst Weigh In

MPB has been the topic of a number of recent research reports. StockNews.com raised shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Piper Sandler raised their price target on shares of Mid Penn Bancorp from $25.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, July 29th.

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.