Mid Penn Bancorp (NASDAQ:MPB) Upgraded at Raymond James Financial

Key Points

• Raymond James upgraded Mid Penn Bancorp to “strong buy” from “outperform” and raised its price target to $42 from $39, implying 20.21% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $41, though ratings range from Strong Buy to Hold.
• Mid Penn reported quarterly EPS of $0.88, slightly below the $0.89 consensus, and revenue of $74.68 million versus estimates of $77.72 million.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) was upgraded by investment analysts at Raymond James Financial from an "outperform" rating to a "strong-buy" rating in a report issued on Thursday, FinViz reports. The brokerage currently has a $42.00 price objective on the financial services provider's stock, up from their prior price objective of $39.00. Raymond James Financial's price objective would suggest a potential upside of 20.21% from the company's previous close.

A number of other brokerages have also issued reports on MPB. Weiss Ratings lowered shares of Mid Penn Bancorp from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, October 23rd. Keefe, Bruyette & Woods increased their price target on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Piper Sandler restated an "overweight" rating and issued a $40.00 price target (down from $42.00) on shares of Mid Penn Bancorp in a research report on Tuesday, October 27th. Finally, Wall Street Zen downgraded shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $41.00.

Mid Penn Bancorp Stock Up 0.5%

Shares of NASDAQ:MPB opened at $34.94 on Thursday. The business has a 50 day moving average price of $35.80 and a 200 day moving average price of $34.45. Mid Penn Bancorp has a twelve month low of $27.98 and a twelve month high of $39.15. The company has a market cap of $885.38 million, a price-to-earnings ratio of 10.80 and a beta of 0.51.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). Mid Penn Bancorp had a return on equity of 9.06% and a net margin of 17.83%. The business had revenue of $74.68 million during the quarter, compared to the consensus estimate of $77.72 million. Analysts anticipate that Mid Penn Bancorp will post 3.28 EPS for the current year.

Institutional Trading of Mid Penn Bancorp

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Mid Penn Bancorp in the second quarter valued at approximately $60,141,000. The Manufacturers Life Insurance Company acquired a new stake in Mid Penn Bancorp during the 2nd quarter valued at $9,429,000. Rhino Investment Partners Inc raised its position in Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock valued at $7,463,000 after purchasing an additional 144,852 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Mid Penn Bancorp by 280,843.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider's stock valued at $4,337,000 after purchasing an additional 134,805 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Mid Penn Bancorp in the second quarter worth $3,992,000. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc. is a bank holding company headquartered in Harrisburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides commercial and consumer banking services to individuals, businesses, and organizations. The bank offers deposit accounts, business and personal loans, mortgage lending, cash management, and online and mobile banking. It also provides wealth management and trust services. Mid Penn Bank traces its history to 1868 and serves communities across Pennsylvania, with a network of branches concentrated in the state's central and eastern regions.

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