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

Key Points

• Wall Street Zen upgraded Mid Penn Bancorp from “hold” to “buy,” while the broader analyst consensus remains “Moderate Buy” with a $39.50 target price.
• Mid Penn Bancorp beat quarterly expectations, reporting $0.87 in EPS versus the $0.79 estimate and revenue of $75.87 million versus $73.28 million expected.
• Shares opened at $38.34, near their 12-month high of $39.15, while insiders and institutional investors have recently increased their holdings.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Other equities research analysts have also issued reports about the company. Raymond James Financial initiated coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an "outperform" rating and a $38.00 price objective for the company. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price target on Mid Penn Bancorp from $37.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Mid Penn Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $39.50.

Mid Penn Bancorp Trading Down 0.5%

Shares of NASDAQ MPB opened at $38.34 on Friday. The firm's 50-day moving average price is $34.51 and its 200-day moving average price is $33.33. The stock has a market capitalization of $971.73 million, a price-to-earnings ratio of 13.55 and a beta of 0.47. Mid Penn Bancorp has a 12-month low of $26.56 and a 12-month high of $39.15.

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 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The firm 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%. On average, equities analysts predict that Mid Penn Bancorp will post 3.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Soto Matthew G. De acquired 1,525 shares of the firm's stock in a transaction on Monday, May 4th. The stock was acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the completion of the purchase, the director directly owned 118,696 shares in the company, valued at approximately $3,887,294. This trade represents a 1.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have bought 2,172 shares of company stock valued at $72,485. Corporate insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of MPB. PNC Financial Services Group Inc. increased its stake in Mid Penn Bancorp by 280,843.8% in the first quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider's stock worth $4,337,000 after purchasing an additional 134,805 shares during the period. Deprince Race & Zollo Inc. boosted its stake in shares of Mid Penn Bancorp by 18.4% during the fourth quarter. Deprince Race & Zollo Inc. now owns 141,692 shares of the financial services provider's stock valued at $4,395,000 after purchasing an additional 22,000 shares during the period. Rhino Investment Partners Inc boosted its stake in shares of Mid Penn Bancorp by 166.1% during the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider's stock valued at $7,463,000 after purchasing an additional 144,852 shares during the period. Empowered Funds LLC grew its holdings in shares of Mid Penn Bancorp by 9.8% in the first quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider's stock worth $3,356,000 after purchasing an additional 9,348 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Mid Penn Bancorp by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider's stock worth $24,061,000 after purchasing an additional 79,569 shares during the last quarter. 43.11% of the stock is owned by institutional investors.

About Mid Penn Bancorp

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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