Martingale Asset Management L P Sells 23,664 Shares of Mid Penn Bancorp $MPB

Key Points

• Martingale Asset Management L P has reduced its stake in Mid Penn Bancorp by 55.7%, now owning approximately 18,825 shares valued at $488,000 after selling 23,664 shares in the first quarter.
• Mid Penn Bancorp reported a quarterly earnings per share (EPS) of $0.70, exceeding analysts' expectations of $0.69, with revenues of $54.35 million.
• The company's recent dividend announcement featured a payment of $0.20 per share, yielding an annualized rate of $0.80 with a payout ratio of 33.47%.

Martingale Asset Management L P decreased its position in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 55.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,825 shares of the financial services provider's stock after selling 23,664 shares during the quarter. Martingale Asset Management L P owned about 0.10% of Mid Penn Bancorp worth $488,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Citadel Advisors LLC acquired a new stake in shares of Mid Penn Bancorp during the 4th quarter worth approximately $864,000. Squarepoint Ops LLC purchased a new position in Mid Penn Bancorp during the 4th quarter worth $499,000. Ameriprise Financial Inc. bought a new stake in shares of Mid Penn Bancorp during the 4th quarter worth $395,000. GAMMA Investing LLC raised its stake in shares of Mid Penn Bancorp by 5,634.0% during the 1st quarter. GAMMA Investing LLC now owns 2,695 shares of the financial services provider's stock worth $70,000 after purchasing an additional 2,648 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Mid Penn Bancorp during the 4th quarter worth $1,289,000. Institutional investors and hedge funds own 43.11% of the company's stock.

Mid Penn Bancorp Trading Down 0.9%

Shares of MPB opened at $29.63 on Tuesday. The business's 50-day moving average price is $28.26 and its 200-day moving average price is $27.48. Mid Penn Bancorp has a twelve month low of $22.50 and a twelve month high of $33.87. The stock has a market cap of $681.49 million, a PE ratio of 12.40 and a beta of 0.63. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08.

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

Mid Penn Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their price objective 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 data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $34.50.

Mid Penn Bancorp 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.

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