Mid Penn Bancorp (NASDAQ:MPB) Announces Quarterly Earnings Results

Key Points

• Quarterly results: Mid Penn reported EPS of $0.64, missing the $0.80 consensus by $0.16, while revenue beat estimates at $64.85 million versus $63.15 million; ROE was 8.64% and net margin 16.04%.
• Market reaction and metrics: Shares fell about 2.8% to $33.43, with a market cap of $847.1M, a P/E of 13.11 and a 52-week range of $25.47–$35.22.
• Corporate actions and sentiment: The company paid a special $0.05 dividend (record Feb 6, paid Feb 17), insiders have been buying shares recently, and analysts hold a consensus Buy rating with an average target of $37.00.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16), FiscalAI reports. The company had revenue of $64.85 million for the quarter, compared to analyst estimates of $63.15 million. Mid Penn Bancorp had a return on equity of 8.64% and a net margin of 16.04%.

Mid Penn Bancorp Stock Down 2.8%

MPB traded down $0.96 on Tuesday, reaching $33.43. 145,103 shares of the company traded hands, compared to its average volume of 148,529. The stock's 50 day moving average price is $32.63 and its 200-day moving average price is $31.23. Mid Penn Bancorp has a 52-week low of $25.47 and a 52-week high of $35.22. The company has a market cap of $847.12 million, a price-to-earnings ratio of 13.11 and a beta of 0.51. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Tuesday, February 17th. Investors of record on Friday, February 6th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a yield of 254.0%. Mid Penn Bancorp's payout ratio is presently 34.51%.

Analysts Set New Price Targets

MPB has been the topic of several recent analyst reports. Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Wall Street Zen cut Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, January 24th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $37.00.

Insider Activity at Mid Penn Bancorp

In other news, Director Thomas R. Brugger purchased 818 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average price of $31.35 per share, with a total value of $25,644.30. Following the purchase, the director owned 6,110 shares in the company, valued at $191,548.50. This represents a 15.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Soto Matthew G. De purchased 972 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $30.85 per share, with a total value of $29,986.20. Following the purchase, the director owned 4,299 shares in the company, valued at $132,624.15. This represents a 29.22% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 3,408 shares of company stock valued at $105,578. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Large investors have recently made changes to their positions in the company. Empowered Funds LLC grew its stake in shares of Mid Penn Bancorp by 55.2% in the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock valued at $1,490,000 after buying an additional 20,442 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Mid Penn Bancorp by 230.6% in the 4th quarter. Los Angeles Capital Management LLC now owns 29,175 shares of the financial services provider's stock valued at $840,000 after buying an additional 20,350 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Mid Penn Bancorp by 7.7% in the 4th quarter. Wells Fargo & Company MN now owns 27,033 shares of the financial services provider's stock valued at $839,000 after buying an additional 1,923 shares in the last quarter. Rhumbline Advisers boosted its position in Mid Penn Bancorp by 19.5% during the second quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider's stock worth $809,000 after purchasing an additional 4,677 shares during the period. Finally, Invesco Ltd. boosted its position in Mid Penn Bancorp by 5.6% during the second quarter. Invesco Ltd. now owns 23,604 shares of the financial services provider's stock worth $666,000 after purchasing an additional 1,244 shares during the period. Institutional investors own 43.11% of the company's stock.

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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