Dimensional Fund Advisors LP Raises Stock Holdings in Mid Penn Bancorp $MPB

Key Points

• Dimensional Fund Advisors increased its Mid Penn Bancorp stake by 11.9% in the first quarter, bringing its holdings to 748,196 shares valued at approximately $24.1 million. Institutional investors collectively own 43.11% of the company.
• Mid Penn Bancorp reported quarterly EPS of $0.87, exceeding estimates of $0.79, while revenue of $75.87 million also topped expectations. Analysts forecast full-year EPS of $3.33.
• The company raised its quarterly dividend to $0.23 per share, equivalent to an annualized $0.92 payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $39.50.

Dimensional Fund Advisors LP increased its holdings in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 11.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 748,196 shares of the financial services provider's stock after acquiring an additional 79,569 shares during the period. Dimensional Fund Advisors LP owned about 2.95% of Mid Penn Bancorp worth $24,061,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Wellington Management Group LLP grew its position in Mid Penn Bancorp by 2.2% in 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 acquiring an additional 50,000 shares during the last quarter. Alliancebernstein L.P. increased its stake 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 worth $22,972,000 after purchasing an additional 405,316 shares during the period. Fourthstone LLC lifted its position in shares of Mid Penn Bancorp by 32.7% during 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. Emerald Mutual Fund Advisers Trust lifted its position in shares of Mid Penn Bancorp by 5.2% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 162,411 shares of the financial services provider's stock worth $5,223,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Mid Penn Bancorp by 50.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 146,609 shares of the financial services provider's stock valued at $4,548,000 after purchasing an additional 48,944 shares during the period. Hedge funds and other institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Trading Down 1.3%

MPB opened at $37.80 on Friday. The company has a market capitalization of $958.04 million, a price-to-earnings ratio of 13.36 and a beta of 0.47. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The business's fifty day simple moving average is $34.95 and its 200-day simple moving average is $33.52.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 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 analyst estimates of $73.28 million. Mid Penn Bancorp had a return on equity of 9.00% and a net margin of 17.55%. On average, equities research analysts predict that Mid Penn Bancorp will post 3.33 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.23 dividend. 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 2.4%. The ex-dividend date is Monday, August 3rd. Mid Penn Bancorp's dividend payout ratio is presently 32.51%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Zacks Research upgraded shares of Mid Penn Bancorp to a "hold" rating in a report on Wednesday, July 1st. Raymond James Financial initiated coverage on shares of Mid Penn Bancorp in a report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective 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. Wall Street Zen upgraded shares of Mid Penn Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings raised shares of Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $39.50.

Mid Penn Bancorp Profile

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source