Keefe, Bruyette & Woods Cuts Mid Penn Bancorp (NASDAQ:MPB) Price Target to $34.00

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 - Free Report) had its price target cut by Keefe, Bruyette & Woods from $35.00 to $34.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

Mid Penn Bancorp Trading Up 0.9%

MPB traded up $0.24 during trading on Monday, reaching $27.31. 6,813 shares of the company's stock were exchanged, compared to its average volume of 96,832. The firm has a fifty day moving average price of $27.79 and a two-hundred day moving average price of $27.64. The stock has a market capitalization of $528.61 million, a PE ratio of 11.42 and a beta of 0.63. Mid Penn Bancorp has a one year low of $22.50 and a one year high of $33.87. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $54.35 million during the quarter, compared to analyst estimates of $54.20 million. Mid Penn Bancorp had a return on equity of 8.60% and a net margin of 13.69%. As a group, equities research analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Friday, August 8th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, August 8th. This represents a $0.80 annualized dividend and a yield of 2.9%. Mid Penn Bancorp's dividend payout ratio (DPR) is presently 33.47%.

Insider Buying and Selling

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 stock was purchased at an average cost of $26.60 per share, for a total transaction of $26,600.00. Following the acquisition, the director owned 43,400 shares in the company, valued at approximately $1,154,440. The trade was a 2.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Soto Matthew G. De acquired 3,560 shares of the stock in a transaction dated 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 transaction, the director owned 108,138 shares in the company, valued at approximately $3,038,677.80. This represents a 3.40% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 8,586 shares of company stock worth $237,479 in the last 90 days. Corporate insiders own 8.10% of the company's stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 valued at $247,000 after purchasing an additional 380 shares during the period. Barclays PLC grew its position in Mid Penn Bancorp by 1.2% during the fourth quarter. Barclays PLC now owns 37,257 shares of the financial services provider's stock valued at $1,074,000 after buying an additional 452 shares during the period. MetLife Investment Management LLC increased its holdings in Mid Penn Bancorp by 11.9% during the first quarter. MetLife Investment Management LLC now owns 9,773 shares of the financial services provider's stock worth $253,000 after buying an additional 1,043 shares during the last quarter. Corebridge Financial Inc. grew its position in shares of Mid Penn Bancorp by 15.1% during the 1st quarter. Corebridge Financial Inc. now owns 8,561 shares of the financial services provider's stock valued at $222,000 after acquiring an additional 1,124 shares during the period. Finally, Emerald Mutual Fund Advisers Trust increased its stake in shares of Mid Penn Bancorp by 0.8% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 157,538 shares of the financial services provider's stock worth $4,443,000 after purchasing an additional 1,200 shares during 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.