Bank of New York Mellon Corp bought a new stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 114,576 shares of the financial services provider's stock, valued at approximately $3,992,000. Bank of New York Mellon Corp owned 0.45% of Mid Penn Bancorp as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its holdings in shares of Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 493 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Mid Penn Bancorp by 416.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 2,664 shares during the period. US Bancorp DE increased its holdings in shares of Mid Penn Bancorp by 4,471.3% in the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider's stock valued at $141,000 after acquiring an additional 4,829 shares during the period. Lazard Asset Management LLC raised its position in Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider's stock valued at $156,000 after purchasing an additional 358 shares during the last quarter. Finally, Royal Bank of Canada raised 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 valued at $176,000 after purchasing an additional 507 shares during the last quarter. Hedge funds and other institutional investors own 43.11% of the company's stock.
Mid Penn Bancorp Stock Performance
MPB stock opened at $37.40 on Friday. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15. The stock has a market capitalization of $947.34 million, a PE ratio of 13.22 and a beta of 0.46. The company has a fifty day moving average of $36.61 and a 200-day moving average of $34.11.
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 (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. The firm had revenue of $75.87 million during the quarter, compared to analysts' expectations of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. Equities analysts forecast that Mid Penn Bancorp will post 3.33 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. Stockholders of record on Monday, August 3rd were paid a dividend of $0.23 per share. This is a positive change from Mid Penn Bancorp's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. Mid Penn Bancorp's dividend payout ratio (DPR) is currently 32.51%.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on MPB. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Wall Street Zen lowered Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, Zacks Research upgraded Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.50.
Read Our Latest Stock Analysis on MPB
Mid Penn Bancorp Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding MPB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mid Penn Bancorp (NASDAQ:MPB - Free Report).
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