Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Mid Penn Bancorp from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy,” with an average price target of $39.50.
• MPB shares opened at $38.43, near their 12-month high of $39.15. The company recently reported quarterly EPS of $0.87 and revenue of $75.87 million, exceeding analyst expectations.
• Institutional ownership stands at 43.11%, with several hedge funds and asset managers initiating or expanding positions during the second quarter.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Other analysts have also issued research reports about the company. Weiss Ratings raised Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday. Raymond James Financial initiated coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 target price on the stock. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods boosted their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $39.50.

Mid Penn Bancorp Trading Up 0.2%

Shares of MPB stock opened at $38.43 on Friday. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15. The firm's 50 day moving average is $35.62 and its 200 day moving average is $33.73. The stock has a market capitalization of $973.43 million, a P/E ratio of 13.58 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, topping 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 8.82%. As a group, equities analysts predict that Mid Penn Bancorp will post 3.33 earnings per share for the current year.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of MPB. Legal & General Group Plc bought a new position in Mid Penn Bancorp in the 2nd quarter worth $73,000. The Manufacturers Life Insurance Company purchased a new position in Mid Penn Bancorp during the second quarter valued at $9,429,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Mid Penn Bancorp during the second quarter valued at about $695,000. De Lisle Partners LLP bought a new stake in Mid Penn Bancorp during the second quarter valued at about $3,238,000. Finally, Mystic Asset Management Inc. purchased a new stake in Mid Penn Bancorp in the second quarter worth about $461,000. 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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