Wellington Management Group LLP Purchases 55,054 Shares of Mid Penn Bancorp $MPB

Key Points

• Wellington Management Group LLP increased its stake in Mid Penn Bancorp by 3.8%, acquiring an additional 55,054 shares, and now owns 7.79% of the company, valued at approximately $39 million.
• Mid Penn Bancorp announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend of $0.80 and a yield of 2.7%.
• The company's stock has a current market cap of $687.67 million and recorded earnings of $0.70 per share in its latest quarter, surpassing analysts' expectations.

Wellington Management Group LLP boosted its stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 3.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,507,231 shares of the financial services provider's stock after buying an additional 55,054 shares during the period. Wellington Management Group LLP owned approximately 7.79% of Mid Penn Bancorp worth $39,052,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Mid Penn Bancorp by 5,634.0% in the 1st quarter. GAMMA Investing LLC now owns 2,695 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 2,648 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Mid Penn Bancorp by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,565 shares of the financial services provider's stock valued at $247,000 after purchasing an additional 380 shares during the period. Jefferies Financial Group Inc. bought a new stake in Mid Penn Bancorp in the 4th quarter valued at about $252,000. Lazard Asset Management LLC bought a new stake in Mid Penn Bancorp in the 4th quarter valued at about $284,000. Finally, Retirement Planning Co of New England Inc. bought a new stake in Mid Penn Bancorp in the 1st quarter valued at about $282,000. Institutional investors own 43.11% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price objective on shares of 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 investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $34.50.

Mid Penn Bancorp Price Performance

Shares of Mid Penn Bancorp stock traded down $0.03 on Thursday, reaching $30.14. 67,576 shares of the stock were exchanged, compared to its average volume of 95,943. The firm's 50 day moving average is $28.40 and its 200-day moving average is $27.51. Mid Penn Bancorp has a one year low of $22.50 and a one year high of $33.87. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market cap of $693.11 million, a PE ratio of 12.60 and a beta of 0.63.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Mid Penn Bancorp had a net margin of 13.69% and a return on equity of 8.13%. The company had revenue of $54.35 million during the quarter, compared to the consensus estimate of $54.20 million. As a group, analysts anticipate that Mid Penn Bancorp will post 3 EPS for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed 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 of this dividend was Friday, August 8th. This represents a $0.80 annualized dividend and a yield of 2.7%. Mid Penn Bancorp's dividend payout ratio is presently 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.