Mid Penn Bancorp (NASDAQ:MPB) Price Target Cut to $34.00 by Analysts at Keefe, Bruyette & Woods

Key Points

• Mid Penn Bancorp's price target has been lowered from $35.00 to $34.00 by analysts at Keefe, Bruyette & Woods, maintaining an "outperform" rating that suggests a potential upside of 26.37% from its current price.
• The company's stock experienced a 0.8% decline, trading at $26.91, with notable financial metrics including a debt-to-equity ratio of 0.10 and a market cap of $520.88 million.
• Recent insider transactions included Director John E. Noone acquiring 1,000 shares at $26.60 each, increasing his ownership stake in Mid Penn Bancorp.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) had its price objective decreased by research analysts at Keefe, Bruyette & Woods from $35.00 to $34.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 26.37% from the company's current price.

Mid Penn Bancorp Stock Down 0.8%

Shares of NASDAQ:MPB traded down $0.21 during trading on Monday, reaching $26.91. 55,093 shares of the stock traded hands, compared to its average volume of 96,963. The stock has a 50-day moving average of $27.77 and a two-hundred day moving average of $27.67. Mid Penn Bancorp has a 52-week low of $22.50 and a 52-week high of $33.87. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $520.88 million, a P/E ratio of 11.26 and a beta of 0.63.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share for the quarter, beating 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 8.60%. The company had revenue of $54.35 million for the quarter, compared to the consensus estimate of $54.20 million. As a group, sell-side analysts expect that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director John E. Noone acquired 1,000 shares of the company's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost of $26.60 per share, with a total value of $26,600.00. Following the purchase, the director directly owned 43,400 shares of the company's stock, valued at approximately $1,154,440. This represents a 2.36% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Soto Matthew G. De acquired 3,560 shares of the company's stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $28.10 per share, with a total value of $100,036.00. Following the completion of the purchase, the director directly owned 108,138 shares in the company, valued at approximately $3,038,677.80. This represents a 3.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 8,586 shares of company stock valued at $237,479 over the last three months. Corporate insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several institutional investors have recently made changes to their positions in MPB. GAMMA Investing LLC grew its position in shares of 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 worth $70,000 after buying an additional 2,648 shares during the last quarter. Sandbox Financial Partners LLC purchased a new position in shares of Mid Penn Bancorp in the 2nd quarter worth approximately $211,000. Corebridge Financial Inc. grew its position in shares of Mid Penn Bancorp by 15.1% in the 1st quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider's stock worth $222,000 after buying an additional 1,124 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 worth $247,000 after buying an additional 380 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Mid Penn Bancorp in the 4th quarter worth approximately $252,000. Institutional investors own 43.11% of the company's stock.

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.

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