Mid Penn Bancorp (NASDAQ:MPB) Director Purchases 283 Shares of Company Stock

Key Points

• Director insider buying: Director Matthew De Soto purchased 283 Mid Penn Bancorp shares at $35.40 each, investing $10,018.20 and increasing his direct ownership to 119,543 shares.
• Solid quarterly performance: The company reported quarterly earnings of $0.87 per share, exceeding analyst expectations of $0.79, while revenue of $75.87 million also surpassed estimates.
• Dividend and analyst outlook: Mid Penn increased its quarterly dividend to $0.23, or $0.92 annually, for a 2.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $39.50.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) Director Soto Matthew De acquired 283 shares of the company's stock in a transaction that occurred on Wednesday, September 30th. The stock was purchased at an average cost of $35.40 per share, with a total value of $10,018.20. Following the completion of the purchase, the director directly owned 119,543 shares in the company, valued at $4,231,822.20. This represents a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Mid Penn Bancorp Price Performance

MPB traded up $0.38 during trading on Friday, reaching $36.29. 55,671 shares of the stock were exchanged, compared to its average volume of 145,216. The company has a market capitalization of $919.23 million, a price-to-earnings ratio of 12.83 and a beta of 0.49. Mid Penn Bancorp has a 1 year low of $26.56 and a 1 year high of $39.15. The business's 50 day moving average price is $37.20 and its two-hundred day moving average price is $34.66.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%.The business had revenue of $75.87 million during the quarter, compared to analysts' expectations of $73.28 million. On average, analysts anticipate that Mid Penn Bancorp will post 3.34 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. Investors of record on Monday, August 3rd were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase from Mid Penn Bancorp's previous quarterly dividend of $0.22. Mid Penn Bancorp's dividend payout ratio is currently 32.51%.

Hedge Funds Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of Mid Penn Bancorp by 1.4% in the 2nd quarter. Wellington Management Group LLP now owns 2,307,141 shares of the financial services provider's stock worth $80,381,000 after buying an additional 32,628 shares during the period. BlackRock Inc. purchased a new stake in Mid Penn Bancorp during the second quarter worth approximately $60,141,000. Dimensional Fund Advisors LP increased its holdings in Mid Penn Bancorp by 11.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider's stock valued at $24,061,000 after purchasing an additional 79,569 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Mid Penn Bancorp in the second quarter valued at about $9,429,000. Finally, Rhino Investment Partners Inc raised its stake in shares of Mid Penn Bancorp by 166.1% during the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock valued at $7,463,000 after purchasing an additional 144,852 shares during the period. Institutional investors and hedge funds own 43.11% of the company's stock.

Analyst Upgrades and Downgrades

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

About Mid Penn Bancorp

Mid Penn Bancorp, Inc is a bank holding company headquartered in Millersburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides community banking services to individuals, families, businesses and government entities.

The bank offers deposit accounts, residential and commercial real estate lending, consumer loans, commercial loans, treasury management and other business banking services. It also provides mortgage banking, wealth management and trust services designed to support customers' borrowing, investment and financial planning needs.

Mid Penn Bank traces its roots to 1868 and serves communities primarily throughout central and eastern Pennsylvania through a network of banking offices and digital banking channels.

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