Mid Penn Bancorp (NASDAQ:MPB) Shares Gap Up – Here’s What Happened

Mid Penn Bancorp (NASDAQ:MPB) gapped up prior to trading on Friday . The stock had previously closed at $31.52, but opened at $32.78. Mid Penn Bancorp shares last traded at $33.0050, with a volume of 1,107 shares.

Analyst Upgrades and Downgrades

MPB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Wall Street Zen lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Mid Penn Bancorp in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Mid Penn Bancorp Stock Up 0.5%

The stock has a market capitalization of $760.42 million, a price-to-earnings ratio of 12.94 and a beta of 0.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The business’s 50-day moving average is $31.38 and its two-hundred day moving average is $29.73.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Wednesday, January 21st. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $61.52 million for the quarter, compared to analyst estimates of $62.65 million. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.84%. Equities analysts anticipate that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a special dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a yield of 253.0%. Mid Penn Bancorp’s payout ratio is 34.51%.

Institutional Trading of Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of MPB. UBS Group AG boosted its position in shares of Mid Penn Bancorp by 10.3% during the 4th quarter. UBS Group AG now owns 120,208 shares of the financial services provider’s stock valued at $3,729,000 after acquiring an additional 11,181 shares during the last quarter. Mystic Asset Management Inc. boosted its holdings in Mid Penn Bancorp by 9.2% in the 4th quarter. Mystic Asset Management Inc. now owns 11,870 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 1,000 shares during the last quarter. Grace & White Inc. NY boosted its holdings in Mid Penn Bancorp by 5.3% in the 4th quarter. Grace & White Inc. NY now owns 27,324 shares of the financial services provider’s stock valued at $848,000 after purchasing an additional 1,379 shares during the last quarter. Deprince Race & Zollo Inc. grew its stake in shares of Mid Penn Bancorp by 18.4% in the 4th quarter. Deprince Race & Zollo Inc. now owns 141,692 shares of the financial services provider’s stock valued at $4,395,000 after buying an additional 22,000 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Mid Penn Bancorp by 119.1% during the 4th quarter. SG Americas Securities LLC now owns 9,227 shares of the financial services provider’s stock worth $286,000 after buying an additional 5,015 shares during the last quarter. 43.11% of the stock is owned by institutional investors and hedge funds.

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.