BlackRock Inc. Takes Position in Mid Penn Bancorp $MPB

BlackRock Inc. bought a new position in Mid Penn Bancorp (NASDAQ:MPB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,726,193 shares of the financial services provider's stock, valued at approximately $60,141,000. BlackRock Inc. owned about 6.81% of Mid Penn Bancorp at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MPB. Wellington Management Group LLP lifted its holdings in shares of Mid Penn Bancorp by 2.2% during the 4th quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider's stock valued at $70,555,000 after buying an additional 50,000 shares during the period. Alliancebernstein L.P. lifted its holdings in Mid Penn Bancorp by 102.2% in the third quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider's stock valued at $22,972,000 after acquiring an additional 405,316 shares during the period. Dimensional Fund Advisors LP boosted its position in Mid Penn Bancorp by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider's stock worth $24,061,000 after purchasing an additional 79,569 shares during the last quarter. Fourthstone LLC boosted its position in Mid Penn Bancorp by 32.7% in the fourth quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider's stock worth $9,039,000 after purchasing an additional 71,827 shares during the last quarter. Finally, Rhino Investment Partners Inc lifted its stake in shares of 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 worth $7,463,000 after purchasing an additional 144,852 shares during the period. Institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Price Performance

Shares of Mid Penn Bancorp stock opened at $36.67 on Monday. The company has a market capitalization of $928.85 million, a price-to-earnings ratio of 12.96 and a beta of 0.47. The stock's 50-day simple moving average is $36.34 and its 200-day simple moving average is $34.00. Mid Penn Bancorp has a 52 week low of $26.56 and a 52 week high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last released its 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. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%.The firm had revenue of $75.87 million during the quarter, compared to analysts' expectations of $73.28 million. On average, equities analysts expect that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a dividend of $0.23 per share. This is an increase 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 yield of 2.5%. Mid Penn Bancorp's payout ratio is 32.51%.

Wall Street Analysts Forecast Growth

MPB has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Zacks Research raised shares of Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Wall Street Zen cut Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Raymond James Financial assumed coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 price objective on the stock. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $39.50.

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.

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