Mid Penn Bancorp (NASDAQ:MPB) Releases Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Mid Penn Bancorp reported an earnings per share (EPS) of $0.77 for the quarter, exceeding analysts' expectations by $0.06.
• The company's stock closed at $27.86 after trading up $0.21, with a market cap of $640.78 million.
• Analysts have set a consensus rating of "Moderate Buy" with an average target price of $34.50, reflecting positive sentiment towards the stock.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.06, Zacks reports. Mid Penn Bancorp had a net margin of 13.69% and a return on equity of 8.13%.

Mid Penn Bancorp Stock Performance

Mid Penn Bancorp stock traded up $0.21 during trading hours on Wednesday, reaching $27.86. 103,516 shares of the company were exchanged, compared to its average volume of 105,143. The firm has a market cap of $640.78 million, a price-to-earnings ratio of 11.66 and a beta of 0.61. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $29.24 and a 200 day moving average of $28.09. Mid Penn Bancorp has a 12 month low of $22.50 and a 12 month high of $33.87.

Analysts Set New Price Targets

MPB has been the topic of several research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Mid Penn Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their price target on Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating on the stock in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

Institutional Investors Weigh In On Mid Penn Bancorp

Large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in Mid Penn Bancorp by 24.0% during the second quarter. First Trust Advisors LP now owns 84,432 shares of the financial services provider's stock worth $2,381,000 after purchasing an additional 16,339 shares during the period. Raymond James Financial Inc. boosted its position in Mid Penn Bancorp by 39.7% during the second quarter. Raymond James Financial Inc. now owns 62,174 shares of the financial services provider's stock worth $1,753,000 after purchasing an additional 17,681 shares during the period. Empowered Funds LLC boosted its position in Mid Penn Bancorp by 55.2% during the first quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock worth $1,490,000 after purchasing an additional 20,442 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Mid Penn Bancorp by 7.4% during the second quarter. Squarepoint Ops LLC now owns 40,721 shares of the financial services provider's stock worth $1,148,000 after buying an additional 2,796 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of 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 buying an additional 4,677 shares during the last quarter. 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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