Mid Penn Bancorp (NASDAQ:MPB) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01, Zacks reports. The firm had revenue of $54.35 million during the quarter, compared to analysts' expectations of $54.20 million. Mid Penn Bancorp had a return on equity of 8.60% and a net margin of 13.69%.

Mid Penn Bancorp Trading Up 1.2%

NASDAQ:MPB traded up $0.32 during mid-day trading on Friday, reaching $27.02. The company's stock had a trading volume of 235,136 shares, compared to its average volume of 107,540. The company's fifty day simple moving average is $27.80 and its two-hundred day simple moving average is $27.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.96. Mid Penn Bancorp has a twelve month low of $22.50 and a twelve month high of $33.87. The stock has a market cap of $523.11 million, a P/E ratio of 11.31 and a beta of 0.64.

Mid Penn Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Friday, August 8th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, August 8th. Mid Penn Bancorp's payout ratio is 33.47%.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director John E. Noone purchased 1,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $26.60 per share, with a total value of $26,600.00. Following the purchase, the director owned 43,400 shares in the company, valued at approximately $1,154,440. This represents a 2.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Soto Matthew G. De acquired 1,875 shares of Mid Penn Bancorp stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $26.66 per share, for a total transaction of $49,987.50. Following the completion of the purchase, the director directly owned 110,013 shares in the company, valued at approximately $2,932,946.58. This represents a 1.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 9,586 shares of company stock worth $265,659. 8.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of MPB. Empowered Funds LLC lifted 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 purchasing an additional 20,442 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Mid Penn Bancorp by 107.5% in the 1st quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 11,774 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider's stock valued at $268,000 after purchasing an additional 1,796 shares in the last quarter. 43.11% of the stock is owned by institutional investors and hedge funds.

Mid Penn Bancorp Company Profile

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.