Mid Penn Bancorp $MPB Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Mid Penn Bancorp stake by 62.5% in the first quarter, owning 73,129 shares valued at approximately $2.35 million. Institutional investors collectively hold 43.11% of MPB’s outstanding stock.
• Mid Penn Bancorp reported quarterly EPS of $0.87, exceeding the $0.79 consensus estimate, while revenue reached $75.87 million. The company also raised its quarterly dividend to $0.23 per share, equivalent to a 2.6% annual yield.
• MPB shares opened at $36.06, near their 50-day average, with analysts assigning a “Moderate Buy” consensus rating and an average price target of $39.50.

Bank of America Corp DE lifted its holdings in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 62.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 73,129 shares of the financial services provider's stock after acquiring an additional 28,127 shares during the period. Bank of America Corp DE owned approximately 0.29% of Mid Penn Bancorp worth $2,352,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Mid Penn Bancorp by 107.5% during the first quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider's stock valued at $589,000 after buying an additional 11,774 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Mid Penn Bancorp by 21.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider's stock worth $268,000 after purchasing an additional 1,796 shares during the period. Empowered Funds LLC increased its holdings in Mid Penn Bancorp by 55.2% in the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock worth $1,490,000 after buying an additional 20,442 shares during the period. Legal & General Group Plc raised its position in Mid Penn Bancorp by 35.6% during the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider's stock worth $53,000 after buying an additional 493 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Mid Penn Bancorp by 19.5% during the 2nd quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider's stock valued at $809,000 after buying an additional 4,677 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company's stock.

Mid Penn Bancorp Trading Down 1.0%

MPB opened at $36.06 on Wednesday. The stock's 50-day moving average price is $36.44 and its 200 day moving average price is $34.04. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The firm has a market cap of $913.40 million, a price-to-earnings ratio of 12.74 and a beta of 0.46.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%.The business had revenue of $75.87 million for the quarter, compared to analysts' expectations of $73.28 million. On average, research analysts forecast that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were paid a dividend of $0.23 per share. The ex-dividend date was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. This is a boost from Mid Penn Bancorp's previous quarterly dividend of $0.22. Mid Penn Bancorp's dividend payout ratio (DPR) is 32.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MPB shares. Wall Street Zen downgraded Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Zacks Research raised shares of Mid Penn Bancorp to a "hold" rating in a report on Wednesday, July 1st. Weiss Ratings raised shares of Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 price target on the stock. Finally, Keefe, Bruyette & Woods boosted their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently 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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