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

Key Points

• Mid Penn Bancorp beat quarterly expectations, reporting EPS of $0.87 versus the $0.81 consensus and revenue of $75.87 million, above estimates of $73.28 million.
• The stock fell 1.1% after the earnings release, trading at $34.89 amid below-average volume, though it remains near its recent trading range.
• Analysts currently view MPB as a Moderate Buy overall, with a consensus price target of $37.50 and Raymond James assigning an $38 target and outperform rating.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.06, FiscalAI reports. The business had revenue of $75.87 million during the quarter, compared to analyst estimates of $73.28 million. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.

Mid Penn Bancorp Stock Down 1.1%

Shares of Mid Penn Bancorp stock traded down $0.38 during trading hours on Wednesday, hitting $34.89. 132,442 shares of the company's stock traded hands, compared to its average volume of 153,703. Mid Penn Bancorp has a twelve month low of $26.50 and a twelve month high of $37.17. The company has a market cap of $884.11 million, a PE ratio of 15.86 and a beta of 0.47. The stock has a 50 day simple moving average of $33.61 and a 200-day simple moving average of $32.99.

Analysts Set New Price Targets

Several equities analysts recently commented on MPB shares. Weiss Ratings raised Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Zacks Research raised shares of Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Finally, Raymond James Financial assumed coverage on shares of Mid Penn Bancorp in a research note on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.50.

Insider Activity at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 1,525 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the purchase, the director owned 118,696 shares in the company, valued at $3,887,294. The trade was a 1.30% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 2,172 shares of company stock valued at $72,485 in the last 90 days. Insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of Mid Penn Bancorp by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider's stock valued at $589,000 after buying an additional 11,774 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Mid Penn Bancorp by 21.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider's stock worth $268,000 after buying an additional 1,796 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Mid Penn Bancorp by 55.2% in the first quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock worth $1,490,000 after buying an additional 20,442 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider's stock worth $53,000 after buying an additional 493 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Mid Penn Bancorp by 19.5% in the second quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider's stock valued at $809,000 after acquiring an additional 4,677 shares in the last quarter. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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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