Martingale Asset Management L P Reduces Stock Position in 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 reduced its stake 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 disclosure with the Securities and Exchange Commission. The institutional investor 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 0.10% of Mid Penn Bancorp worth $488,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in shares of Mid Penn Bancorp by 3.8% during the 1st quarter. Wellington Management Group LLP now owns 1,507,231 shares of the financial services provider's stock valued at $39,052,000 after purchasing an additional 55,054 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Mid Penn Bancorp by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 475,533 shares of the financial services provider's stock valued at $13,714,000 after buying an additional 29,400 shares in the last quarter. FJ Capital Management LLC purchased a new position in Mid Penn Bancorp in the fourth quarter valued at $11,243,000. The Manufacturers Life Insurance Company increased its holdings in Mid Penn Bancorp by 62.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 344,453 shares of the financial services provider's stock valued at $9,934,000 after buying an additional 132,814 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its holdings in Mid Penn Bancorp by 44.6% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 156,338 shares of the financial services provider's stock valued at $4,509,000 after buying an additional 48,250 shares in the last quarter. 43.11% of the stock is owned by hedge funds and other institutional investors.

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 for the company in a research note on Monday, August 4th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mid Penn Bancorp currently has a consensus rating of "Buy" and a consensus target price of $34.50.

Mid Penn Bancorp Price Performance

NASDAQ MPB traded down $0.01 on Friday, hitting $30.14. The company had a trading volume of 55,348 shares, compared to its average volume of 85,694. The company has a market capitalization of $693.22 million, a PE ratio of 12.61 and a beta of 0.65. The company's fifty day moving average price is $28.53 and its 200-day moving average price is $27.49. 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 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 released its earnings results 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 business had revenue of $54.35 million during the quarter, compared to analysts' expectations 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, analysts predict that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Announces Dividend

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

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.