Rhino Investment Partners Inc Has $7.46 Million Holdings in Mid Penn Bancorp $MPB

Key Points

• Rhino Investment Partners increased its Mid Penn Bancorp stake by 166.1% in the first quarter, owning 232,072 shares worth approximately $7.46 million, or 0.92% of the bank.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $39.50; recent targets include $38 from Raymond James and $41 from Keefe, Bruyette & Woods.
• Mid Penn Bancorp exceeded quarterly earnings and revenue expectations, reporting $0.87 EPS and $75.87 million in revenue, while raising its quarterly dividend to $0.23 per share, a 2.4% annualized yield.

Rhino Investment Partners Inc boosted its stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 166.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,072 shares of the financial services provider's stock after purchasing an additional 144,852 shares during the quarter. Mid Penn Bancorp comprises about 2.1% of Rhino Investment Partners Inc's investment portfolio, making the stock its 18th largest holding. Rhino Investment Partners Inc owned about 0.92% of Mid Penn Bancorp worth $7,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in Mid Penn Bancorp by 9.8% during the first quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider's stock worth $3,356,000 after buying an additional 9,348 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Mid Penn Bancorp by 14.9% in the 1st quarter. Quantinno Capital Management LP now owns 13,757 shares of the financial services provider's stock valued at $442,000 after acquiring an additional 1,781 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Mid Penn Bancorp in the 1st quarter valued at about $602,000. Sei Investments Co. raised its position in shares of Mid Penn Bancorp by 118.3% in the 1st quarter. Sei Investments Co. now owns 32,142 shares of the financial services provider's stock valued at $1,034,000 after acquiring an additional 17,420 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of Mid Penn Bancorp in the 1st quarter valued at approximately $233,000. Institutional investors and hedge funds own 43.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Raymond James Financial began coverage on shares of Mid Penn Bancorp in a report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price objective for the company. Keefe, Bruyette & Woods increased their target price on shares of Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday. Zacks Research raised shares of Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.50.

Mid Penn Bancorp Price Performance

NASDAQ MPB opened at $38.35 on Wednesday. The firm has a market cap of $971.98 million, a P/E ratio of 13.55 and a beta of 0.47. The stock's 50-day moving average is $34.15 and its 200-day moving average is $33.20. Mid Penn Bancorp has a one year low of $26.56 and a one year high of $39.15.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The business had revenue of $75.87 million for the quarter, compared to analysts' expectations of $73.28 million. Mid Penn Bancorp had a return on equity of 9.00% and a net margin of 17.55%. Equities analysts anticipate that Mid Penn Bancorp will post 3.33 EPS for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be given a dividend of $0.23 per share. This is a positive change from Mid Penn Bancorp's previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, August 3rd. Mid Penn Bancorp's payout ratio is currently 32.51%.

Insider Activity

In related news, Director Soto Matthew G. De acquired 1,525 shares of the company's stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the acquisition, the director directly owned 118,696 shares in the company, valued at approximately $3,887,294. The trade was a 1.30% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 2,172 shares of company stock worth $72,485 over the last ninety days. 7.20% of the stock is owned by corporate insiders.

Mid Penn Bancorp Company 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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