Kennedy Investment Group Acquires New Shares in Mid Penn Bancorp $MPB

Key Points

• Kennedy Investment Group acquired 23,693 shares of Mid Penn Bancorp, valued at approximately $668,000, during the second quarter, bringing its total ownership to about 0.12% of the company.
• Mid Penn Bancorp recently posted a quarterly earnings report with an EPS of $0.70, surpassing analysts' expectations of $0.69, and had a revenue of $54.35 million.
• The company declared a quarterly dividend of $0.20 per share with a dividend yield of 2.7%, reflecting a payout ratio of 33.47%.

Kennedy Investment Group acquired a new stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 23,693 shares of the financial services provider's stock, valued at approximately $668,000. Kennedy Investment Group owned approximately 0.12% of Mid Penn Bancorp as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Wellington Management Group LLP boosted its stake in Mid Penn Bancorp by 3.8% in the first quarter. Wellington Management Group LLP now owns 1,507,231 shares of the financial services provider's stock valued at $39,052,000 after buying an additional 55,054 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Mid Penn Bancorp by 7.7% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 113,340 shares of the financial services provider's stock valued at $2,937,000 after purchasing an additional 8,110 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Mid Penn Bancorp by 5.0% during the first quarter. Bank of New York Mellon Corp now owns 78,372 shares of the financial services provider's stock valued at $2,031,000 after purchasing an additional 3,703 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Mid Penn Bancorp by 74.8% during the fourth quarter. Two Sigma Investments LP now owns 58,801 shares of the financial services provider's stock valued at $1,696,000 after purchasing an additional 25,170 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of Mid Penn Bancorp by 55.2% during the first quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock valued at $1,490,000 after purchasing an additional 20,442 shares in the last quarter. 43.11% of the stock is owned by institutional investors and hedge funds.

Mid Penn Bancorp Stock Performance

Shares of MPB stock opened at $30.10 on Thursday. The business's 50-day moving average price is $29.04 and its 200-day moving average price is $27.74. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $692.30 million, a price-to-earnings ratio of 12.59 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.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $54.35 million for the quarter, compared to analyst estimates of $54.20 million. Mid Penn Bancorp had a return on equity of 8.13% and a net margin of 13.69%. Equities research analysts forecast that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Friday, August 8th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, August 8th. Mid Penn Bancorp's payout ratio is currently 33.47%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price target on 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 investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $34.50.

About Mid Penn Bancorp

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.

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