Strs Ohio Acquires Shares of 19,400 Mid Penn Bancorp $MPB

Key Points

• Strs Ohio has invested approximately $503,000 in Mid Penn Bancorp by acquiring 19,400 shares during the first quarter.
• Mid Penn Bancorp recently reported earnings of $0.70 per share, exceeding expectations, and has plans for an annualized dividend of $0.80 with a 2.6% yield.
• Wall Street analysts have a consensus “Buy” rating for Mid Penn Bancorp, with a target price adjustment from $35.00 to $34.00.

Strs Ohio bought a new position in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,400 shares of the financial services provider's stock, valued at approximately $503,000. Strs Ohio owned 0.10% of Mid Penn Bancorp as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Citadel Advisors LLC purchased a new stake in Mid Penn Bancorp during the fourth quarter worth $864,000. Squarepoint Ops LLC purchased a new stake in Mid Penn Bancorp during the fourth quarter worth $499,000. Ameriprise Financial Inc. purchased a new stake in Mid Penn Bancorp during the fourth quarter worth $395,000. GAMMA Investing LLC lifted its holdings in Mid Penn Bancorp by 5,634.0% during 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 during the period. Finally, Two Sigma Investments LP lifted its holdings in Mid Penn Bancorp by 74.8% during the fourth quarter. Two Sigma Investments LP now owns 58,801 shares of the financial services provider's stock worth $1,696,000 after buying an additional 25,170 shares during the period. Hedge funds and other institutional investors own 43.11% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their target price on Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating for the company in a report on Monday, August 4th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $34.50.

Mid Penn Bancorp Stock Down 2.8%

Shares of MPB traded down $0.87 during midday trading on Monday, hitting $30.47. 227,626 shares of the company's stock traded hands, compared to its average volume of 111,806. Mid Penn Bancorp has a 1 year low of $22.50 and a 1 year high of $33.87. The firm's fifty day moving average is $28.99 and its 200-day moving average is $27.70. 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 stock has a market capitalization of $700.81 million, a price-to-earnings ratio of 12.75 and a beta of 0.65.

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, beating the consensus estimate 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, sell-side analysts anticipate that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Dividend Announcement

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

About Mid Penn Bancorp

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.