Mid Penn Bancorp (NASDAQ:MPB) Price Target Raised to $41.00 at Keefe, Bruyette & Woods

Mid Penn Bancorp (NASDAQ:MPB) had its target price lifted by Keefe, Bruyette & Woods from $37.00 to $41.00 in a report released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price objective for the company. Zacks Research upgraded shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.50.

Mid Penn Bancorp Stock Up 1.6%

Shares of NASDAQ:MPB opened at $37.75 on Monday. The business has a fifty day moving average of $34.02 and a two-hundred day moving average of $33.15. The stock has a market cap of $956.59 million, a P/E ratio of 13.34 and a beta of 0.47. Mid Penn Bancorp has a 52-week low of $26.56 and a 52-week high of $38.32.

Mid Penn Bancorp (NASDAQ:MPB) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 9.00% and a net margin of 17.55%.The business had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. On average, equities analysts anticipate that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be paid a $0.23 dividend. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. Mid Penn Bancorp’s dividend payout ratio is currently 31.10%.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 1,525 shares of the stock in a transaction dated Monday, May 4th. The stock was acquired at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the acquisition, the director owned 118,696 shares in the company, valued at $3,887,294. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders acquired 2,172 shares of company stock worth $72,485. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 493 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Mid Penn Bancorp by 416.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock worth $93,000 after buying an additional 2,664 shares during the period. US Bancorp DE grew its stake in shares of Mid Penn Bancorp by 4,471.3% in the third quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after buying an additional 4,829 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of Mid Penn Bancorp by 6.9% in the second quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after buying an additional 358 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Mid Penn Bancorp by 10.2% in the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after buying an additional 507 shares during the period. 43.11% of the stock is owned by hedge funds and other institutional investors.

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.