Bank of America Corp DE Acquires New Holdings in Mid Penn Bancorp $MPB

Key Points

• Bank of America initiated a position in Mid Penn Bancorp during the second quarter, purchasing 57,040 shares worth approximately $1.99 million, or about 0.23% of the company. Institutional investors collectively own 43.11% of MPB.
• Mid Penn Bancorp exceeded quarterly earnings expectations, reporting $0.87 in EPS versus the $0.79 consensus estimate and $75.87 million in revenue versus $73.28 million expected.
• The company raised its quarterly dividend to $0.23 per share, implying an annualized dividend of $0.92 and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $39.50.

Bank of America Corp DE bought a new stake in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 57,040 shares of the financial services provider's stock, valued at approximately $1,987,000. Bank of America Corp DE owned about 0.23% of Mid Penn Bancorp as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Legal & General Group Plc bought a new position in Mid Penn Bancorp during the 2nd quarter valued at $73,000. Royal Bank of Canada grew its position in 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 worth $176,000 after purchasing an additional 507 shares in the last quarter. Stillwater Private Wealth LLC purchased a new stake in Mid Penn Bancorp in the 1st quarter valued at about $225,000. Cetera Investment Advisers purchased a new stake in Mid Penn Bancorp in the 1st quarter valued at about $233,000. Finally, Fischer Financial Services Inc. purchased a new stake in Mid Penn Bancorp in the 2nd quarter valued at about $234,000. Institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Price Performance

Shares of MPB opened at $35.47 on Thursday. The firm has a market cap of $898.53 million, a PE ratio of 12.53 and a beta of 0.46. The stock's fifty day moving average price is $37.21 and its two-hundred day moving average price is $34.63. Mid Penn Bancorp has a 1 year low of $26.56 and a 1 year high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $73.28 million. Sell-side analysts anticipate that Mid Penn Bancorp will post 3.34 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a dividend of $0.23 per share. This is a boost from Mid Penn Bancorp's previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, August 3rd. Mid Penn Bancorp's dividend payout ratio (DPR) is 32.51%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MPB. Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Wall Street Zen cut Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Raymond James Financial started coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $39.50.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc NASDAQ: MPB is the bank holding company for Mid Penn Bank, a community banking institution headquartered in Millersburg, Pennsylvania. The bank traces its history to 1868 and serves individuals, families, businesses, nonprofit organizations and municipalities primarily across central and northeastern Pennsylvania.

Mid Penn Bank provides a range of consumer and commercial banking services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and business lending.

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