FJ Capital Management LLC Decreases Stock Holdings in Mid Penn Bancorp $MPB

Key Points

• FJ Capital Management LLC reduced its stake in Mid Penn Bancorp by 11.0%, owning about 1.79% of the company after selling 43,007 shares during the first quarter.
• Mid Penn Bancorp reported earnings of $0.70 per share for the recent quarter, surpassing estimates, with revenue of $54.35 million.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized yield of 2.7% and a payout ratio of 33.47%.

FJ Capital Management LLC cut its holdings in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 11.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 346,838 shares of the financial services provider's stock after selling 43,007 shares during the period. FJ Capital Management LLC owned approximately 1.79% of Mid Penn Bancorp worth $8,987,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Mid Penn Bancorp by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,565 shares of the financial services provider's stock valued at $247,000 after acquiring an additional 380 shares during the period. Barclays PLC grew its position in shares of Mid Penn Bancorp by 1.2% during the 4th quarter. Barclays PLC now owns 37,257 shares of the financial services provider's stock valued at $1,074,000 after acquiring an additional 452 shares during the period. MetLife Investment Management LLC grew its position in shares of Mid Penn Bancorp by 11.9% during the 1st quarter. MetLife Investment Management LLC now owns 9,773 shares of the financial services provider's stock valued at $253,000 after acquiring an additional 1,043 shares during the period. Corebridge Financial Inc. grew its position in shares of Mid Penn Bancorp by 15.1% during the 1st quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider's stock valued at $222,000 after acquiring an additional 1,124 shares during the period. Finally, Bridgeway Capital Management LLC grew its position in shares of Mid Penn Bancorp by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 63,666 shares of the financial services provider's stock valued at $1,836,000 after acquiring an additional 1,713 shares during the period. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Mid Penn Bancorp Price Performance

Mid Penn Bancorp stock traded down $0.17 during midday trading on Friday, reaching $30.22. The company had a trading volume of 63,055 shares, compared to its average volume of 76,711. The company has a market capitalization of $695.03 million, a P/E ratio of 12.64 and a beta of 0.65. Mid Penn Bancorp has a 12-month low of $22.50 and a 12-month high of $33.87. The firm's fifty day simple moving average is $28.77 and its 200-day simple moving average is $27.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $54.35 million for the quarter, compared to analyst estimates of $54.20 million. Mid Penn Bancorp had a net margin of 13.69% and a return on equity of 8.13%. As a group, equities analysts anticipate that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Friday, August 8th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, August 8th. Mid Penn Bancorp's dividend payout ratio (DPR) is 33.47%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating on the stock in a research note on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $34.50.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and individual retirement accounts.