Retirement Planning Co of New England Inc. Buys New Position in Mid Penn Bancorp $MPB

Key Points

• Retirement Planning Co of New England Inc. invested approximately $282,000 in Mid Penn Bancorp by acquiring 10,870 shares during the first quarter.
• Mid Penn Bancorp announced a quarterly dividend of $0.20, resulting in an annualized dividend yield of 2.7% and a dividend payout ratio of 33.47%.
• Analyst ratings for Mid Penn Bancorp indicate a consensus rating of "Buy" with a target price adjustment from $35.00 to $34.00 by Keefe, Bruyette & Woods.

Retirement Planning Co of New England Inc. acquired a new position in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,870 shares of the financial services provider's stock, valued at approximately $282,000. Retirement Planning Co of New England Inc. owned approximately 0.06% of Mid Penn Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Citadel Advisors LLC purchased a new position in shares of Mid Penn Bancorp during the fourth quarter worth about $864,000. Squarepoint Ops LLC purchased a new stake in Mid Penn Bancorp in the fourth quarter worth approximately $499,000. Ameriprise Financial Inc. purchased a new stake in Mid Penn Bancorp in the fourth quarter worth approximately $395,000. GAMMA Investing LLC boosted its stake in Mid Penn Bancorp by 5,634.0% in the first quarter. GAMMA Investing LLC now owns 2,695 shares of the financial services provider's stock worth $70,000 after buying an additional 2,648 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Mid Penn Bancorp in the fourth quarter worth approximately $1,289,000. Hedge funds and other institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Trading Down 0.6%

Shares of NASDAQ:MPB traded down $0.17 during trading on Friday, reaching $30.22. 63,055 shares of the company traded hands, compared to its average volume of 95,360. The firm has a market capitalization of $695.06 million, a price-to-earnings ratio of 12.64 and a beta of 0.65. Mid Penn Bancorp has a 52-week low of $22.50 and a 52-week high of $33.87. 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 business's fifty day moving average is $28.73 and its 200-day moving average is $27.54.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last released its quarterly earnings data 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 during 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%. As a group, analysts forecast that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Announces Dividend

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

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods cut their target price 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 investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mid Penn Bancorp currently has an average rating of "Buy" and an average price target 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.