Wellington Management Group LLP Grows Position in Mid Penn Bancorp $MPB

Key Points

• Wellington Management increased its Mid Penn Bancorp position by 1.4% in the second quarter, bringing its holdings to 2.31 million shares, or approximately 9.11% of the company. Institutional investors collectively own 43.11% of MPB.
• Mid Penn Bancorp reported quarterly earnings of $0.87 per share, exceeding estimates of $0.79, while revenue of $75.87 million also topped expectations. Shares opened at $36.91, near their 52-week high of $39.15.
• The company raised its quarterly dividend from $0.22 to $0.23 per share, representing an annualized dividend of $0.92 and a 2.5% yield. Analysts give MPB a consensus “Moderate Buy” rating with a $39.50 price target.

Wellington Management Group LLP grew its holdings in shares of Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,307,141 shares of the financial services provider's stock after acquiring an additional 32,628 shares during the quarter. Wellington Management Group LLP owned about 9.11% of Mid Penn Bancorp worth $80,381,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. De Lisle Partners LLP purchased a new position in Mid Penn Bancorp in the 2nd quarter worth approximately $3,238,000. PNC Financial Services Group Inc. raised its position in shares of Mid Penn Bancorp by 280,843.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider's stock valued at $4,337,000 after buying an additional 134,805 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Mid Penn Bancorp during the 2nd quarter worth $9,429,000. Rhino Investment Partners Inc lifted its holdings in shares of Mid Penn Bancorp by 166.1% during the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock worth $7,463,000 after acquiring an additional 144,852 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Mid Penn Bancorp by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider's stock worth $24,061,000 after acquiring an additional 79,569 shares in the last quarter. Hedge funds and other institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Stock Up 2.4%

Shares of NASDAQ:MPB opened at $36.91 on Thursday. The stock has a market cap of $934.93 million, a PE ratio of 13.04 and a beta of 0.46. The company's fifty day moving average is $36.50 and its 200 day moving average is $34.07. Mid Penn Bancorp has a 52 week low of $26.56 and a 52 week high of $39.15.

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

Mid Penn Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were paid a $0.23 dividend. This is a boost from Mid Penn Bancorp's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. Mid Penn Bancorp's dividend payout ratio is presently 32.51%.

Wall Street Analysts Forecast Growth

MPB has been the topic of a number of research reports. Zacks Research upgraded Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price objective on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Wall Street Zen lowered Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Raymond James Financial began coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price objective on the stock. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $39.50.

About Mid Penn Bancorp

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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