Geode Capital Management LLC Grows Stock Holdings in Mid Penn Bancorp $MPB

Geode Capital Management LLC raised its position in Mid Penn Bancorp (NASDAQ:MPB) by 21.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 501,446 shares of the financial services provider’s stock after acquiring an additional 88,398 shares during the quarter. Geode Capital Management LLC owned approximately 2.59% of Mid Penn Bancorp worth $14,144,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Palouse Capital Management Inc. purchased a new stake in Mid Penn Bancorp during the 2nd quarter worth about $96,000. Sandbox Financial Partners LLC acquired a new stake in Mid Penn Bancorp during the 2nd quarter worth $211,000. Corebridge Financial Inc. increased its position in shares of Mid Penn Bancorp by 15.1% during the first quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 1,124 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Mid Penn Bancorp by 11.9% in the first quarter. MetLife Investment Management LLC now owns 9,773 shares of the financial services provider’s stock valued at $253,000 after buying an additional 1,043 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 1,796 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

Mid Penn Bancorp Trading Up 1.2%

Shares of MPB opened at $29.55 on Tuesday. The firm has a market capitalization of $681.07 million, a P/E ratio of 12.11 and a beta of 0.65. Mid Penn Bancorp has a twelve month low of $22.50 and a twelve month high of $32.54. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock’s fifty day simple moving average is $28.77 and its 200 day simple moving average is $28.52.

Mid Penn Bancorp (NASDAQ:MPB) last posted its earnings results on Tuesday, September 20th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.54%. The firm had revenue of $32.43 million during the quarter. On average, equities research analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 10th were paid a dividend of $0.22 per share. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, November 10th. Mid Penn Bancorp’s payout ratio is presently 36.07%.

Wall Street Analyst Weigh In

MPB has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Mid Penn Bancorp in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Mid Penn Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Mid Penn Bancorp currently has an average rating of “Moderate Buy” and an average price target of $37.00.

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.