Empowered Funds LLC Makes New $3.91 Million Investment in Mid Penn Bancorp $MPB

Key Points

• Empowered Funds LLC acquired 112,353 shares of Mid Penn Bancorp during the second quarter, valued at approximately $3.91 million and representing about 0.44% of the company. Institutional investors collectively own 43.11% of MPB.
• Mid Penn Bancorp reported quarterly EPS of $0.87, exceeding the $0.79 analyst consensus, while revenue of $75.87 million also topped estimates. The company raised its quarterly dividend to $0.23, equivalent to a 2.6% annualized yield.
• Analyst sentiment is generally positive, with three Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $39.50 versus the reported share price of $36.06.

Empowered Funds LLC bought a new stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 112,353 shares of the financial services provider's stock, valued at approximately $3,914,000. Empowered Funds LLC owned approximately 0.44% of Mid Penn Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at about $60,141,000. Wellington Management Group LLP increased its position in Mid Penn Bancorp by 25.4% during the third quarter. Wellington Management Group LLP now owns 2,224,513 shares of the financial services provider's stock worth $63,710,000 after purchasing an additional 450,909 shares during the last quarter. Alliancebernstein L.P. increased its position in Mid Penn Bancorp by 102.2% during 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 last quarter. The Manufacturers Life Insurance Company purchased a new position in Mid Penn Bancorp during the second quarter worth about $9,429,000. Finally, Rhino Investment Partners Inc raised its stake in Mid Penn Bancorp by 166.1% during the first 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. 43.11% of the stock is owned by institutional investors and hedge funds.

Mid Penn Bancorp Price Performance

Shares of MPB stock opened at $36.06 on Wednesday. Mid Penn Bancorp has a 1-year low of $26.56 and a 1-year high of $39.15. The firm has a market cap of $913.40 million, a PE ratio of 12.74 and a beta of 0.46. The company has a 50-day moving average of $36.44 and a two-hundred day moving average of $34.04.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. The business had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. Sell-side analysts anticipate that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a $0.23 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change 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%. Mid Penn Bancorp's dividend payout ratio is presently 32.51%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MPB shares. Wall Street Zen cut shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Raymond James Financial began 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 target on the stock. Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods raised their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Zacks Research upgraded Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company 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.

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