Piper Sandler Initiates Coverage on Mid Penn Bancorp (NASDAQ:MPB)

Equities researchers at Piper Sandler began coverage on shares of Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) in a report released on Friday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $42.00 price target on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 17.65% from the company's current price.

MPB has been the topic of several other reports. Wall Street Zen lowered shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Raymond James Financial assumed coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 target price on the stock. Finally, Weiss Ratings raised Mid Penn Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Mid Penn Bancorp currently has an average rating of "Buy" and an average price target of $40.33.

Mid Penn Bancorp Stock Down 1.3%

NASDAQ:MPB opened at $35.70 on Friday. The company has a market capitalization of $904.46 million, a PE ratio of 12.61 and a beta of 0.49. Mid Penn Bancorp has a 52-week low of $26.56 and a 52-week high of $39.15. The stock's 50 day moving average price is $36.96 and its 200 day moving average price is $34.84.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%. The company had revenue of $75.87 million during the quarter, compared to analysts' expectations of $73.28 million. As a group, sell-side analysts anticipate that Mid Penn Bancorp will post 3.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC acquired a new position in Mid Penn Bancorp during the second quarter valued at approximately $260,000. Squarepoint Ops LLC lifted its stake in shares of Mid Penn Bancorp by 39.4% during the second quarter. Squarepoint Ops LLC now owns 18,516 shares of the financial services provider's stock worth $645,000 after purchasing an additional 5,229 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in shares of Mid Penn Bancorp by 9.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 12,096 shares of the financial services provider's stock worth $421,000 after buying an additional 998 shares during the period. Wellington Management Group LLP grew its stake in shares of Mid Penn Bancorp by 1.4% in the second quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider's stock valued at $80,381,000 after buying an additional 32,628 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in Mid Penn Bancorp during the 2nd quarter worth approximately $3,914,000. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Millersburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides community banking services to individuals, families, businesses and government entities.

The bank offers deposit accounts, residential and commercial real estate lending, consumer loans, commercial loans, treasury management and other business banking services. It also provides mortgage banking, wealth management and trust services designed to support customers' borrowing, investment and financial planning needs.

Mid Penn Bank traces its roots to 1868 and serves communities primarily throughout central and eastern Pennsylvania through a network of banking offices and digital banking channels.