Mid Penn Bancorp (NASDAQ:MPB) Sets New 52-Week High - Time to Buy?

Key Points

• Mid Penn Bancorp shares hit a new 52-week high of $37.26, closing near that level at $37.30 as investors continued to bid up the stock.
• The company reported better-than-expected quarterly results, with EPS of $0.87 versus $0.79 expected and revenue of $75.87 million versus $73.28 million forecast.
• Mid Penn Bancorp also raised its quarterly dividend to $0.23 per share, implying an annualized yield of about 2.5%, while analysts currently rate the stock a consensus Moderate Buy with a $37.50 price target.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) shares hit a new 52-week high on Friday . The stock traded as high as $37.26 and last traded at $37.30, with a volume of 36640 shares. The stock had previously closed at $36.46.

Wall Street Analysts Forecast Growth

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

Mid Penn Bancorp Stock Performance

The company has a market capitalization of $948.35 million, a PE ratio of 13.22 and a beta of 0.47. The firm's 50-day simple moving average is $33.78 and its 200 day simple moving average is $33.06.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The business had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. As a group, equities analysts anticipate that Mid Penn Bancorp will post 3.2 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. This is a boost from Mid Penn Bancorp's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, August 3rd. Mid Penn Bancorp's dividend payout ratio is 40.00%.

Insider Activity

In other news, Director Soto Matthew G. De purchased 1,525 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the purchase, the director directly owned 118,696 shares of the company's stock, valued at $3,887,294. The trade was a 1.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have purchased 2,172 shares of company stock worth $72,485. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently bought and sold shares of MPB. Wellington Management Group LLP increased its position in shares of Mid Penn Bancorp by 25.4% in the third quarter. Wellington Management Group LLP now owns 2,224,513 shares of the financial services provider's stock valued at $63,710,000 after buying an additional 450,909 shares in the last quarter. Alliancebernstein L.P. grew its stake in Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider's stock valued at $22,972,000 after acquiring an additional 405,316 shares during the last quarter. Rhino Investment Partners Inc grew its stake in Mid Penn Bancorp by 166.1% in the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock valued at $7,463,000 after acquiring an additional 144,852 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Mid Penn Bancorp by 280,843.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider's stock valued at $4,337,000 after acquiring an additional 134,805 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Mid Penn Bancorp by 1,238.5% during the third quarter. Franklin Resources Inc. now owns 126,056 shares of the financial services provider's stock worth $3,610,000 after acquiring an additional 116,638 shares during 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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