Mid Penn Bancorp (NASDAQ:MPB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised Mid Penn Bancorp’s price target from $37 to $41 and maintained an “outperform” rating, implying 8.21% upside from the prior close. The stock has a consensus “Moderate Buy” rating and average target of $39.50.
• Mid Penn Bancorp shares rose 1.9% to $37.89, near their 12-month high of $38.32. The company’s latest quarterly results exceeded expectations, with EPS of $0.87 versus the $0.79 consensus and revenue of $75.87 million.
• Insider and institutional activity has been positive: insiders bought shares worth approximately $72,485 over the past 90 days, while institutional investors and hedge funds own 43.11% of the stock.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) had its target price increased by equities research analysts at Keefe, Bruyette & Woods from $37.00 to $41.00 in a report released on Monday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 8.21% from the company's previous close.

MPB has been the topic of several other research reports. Zacks Research upgraded shares of Mid Penn Bancorp to a "hold" rating in a research note on Wednesday, July 1st. Weiss Ratings raised shares of Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Finally, Raymond James Financial began coverage on shares of Mid Penn Bancorp in a research report on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Mid Penn Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $39.50.

Mid Penn Bancorp Trading Up 1.9%

NASDAQ:MPB traded up $0.72 during mid-day trading on Monday, hitting $37.89. 80,477 shares of the company's stock traded hands, compared to its average volume of 154,499. The firm has a market capitalization of $960.13 million, a price-to-earnings ratio of 13.38 and a beta of 0.47. The firm has a 50 day moving average of $33.90 and a two-hundred day moving average of $33.10. Mid Penn Bancorp has a 12 month low of $26.56 and a 12 month high of $38.32.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 9.00% and a net margin of 17.55%.The company had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. As a group, equities research analysts expect that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Insider Transactions at Mid Penn Bancorp

In other news, Director Soto Matthew G. De purchased 1,525 shares of Mid Penn Bancorp stock in a transaction on Monday, May 4th. The shares were purchased at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the transaction, the director directly owned 118,696 shares in the company, valued at approximately $3,887,294. This represents a 1.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have bought 2,172 shares of company stock worth $72,485. Company insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Stillwater Private Wealth LLC bought a new stake in shares of Mid Penn Bancorp during the first quarter worth $225,000. Bank of America Corp DE raised its holdings in shares of Mid Penn Bancorp by 62.5% in the first quarter. Bank of America Corp DE now owns 73,129 shares of the financial services provider's stock valued at $2,352,000 after buying an additional 28,127 shares during the last quarter. Royal Bank of Canada lifted its position in Mid Penn Bancorp by 10.2% during the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider's stock worth $176,000 after buying an additional 507 shares in the last quarter. Rhino Investment Partners Inc grew its holdings in Mid Penn Bancorp by 166.1% during the 1st quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock worth $7,463,000 after acquiring an additional 144,852 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in Mid Penn Bancorp by 9.8% during the 1st quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider's stock worth $3,356,000 after acquiring an additional 9,348 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 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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