Mid Penn Bancorp (NASDAQ:MPB) Shares Cross Below 200 Day Moving Average - Here's What Happened

Key Points

• Mid Penn Bancorp shares fell below their 200-day moving average of $35.04, reaching an intraday low of $34.80 before last trading at $35.92.
• Analyst sentiment remains generally positive: four analysts rate the stock a Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and an average price target of $40.33.
• The company exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend to $0.23 per share, equivalent to a 2.6% yield and a 32.51% payout ratio.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $35.04 and traded as low as $34.80. Mid Penn Bancorp shares last traded at $35.92, with a volume of 115,001 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings raised Mid Penn Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a research note on Wednesday, July 1st. 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. Keefe, Bruyette & Woods lifted their target price on Mid Penn Bancorp from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Finally, Wall Street Zen downgraded Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.33.

Mid Penn Bancorp Price Performance

The firm has a market cap of $909.85 million, a P/E ratio of 12.69 and a beta of 0.49. The stock's 50-day simple moving average is $36.71 and its two-hundred day simple moving average is $35.04.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. The firm had revenue of $75.87 million during the quarter, compared to analyst estimates 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, sell-side analysts expect that Mid Penn Bancorp will post 3.29 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, August 3rd. This is a positive change from Mid Penn Bancorp's previous quarterly dividend of $0.22. Mid Penn Bancorp's payout ratio is currently 32.51%.

Institutional Trading of Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Mid Penn Bancorp in the 2nd quarter valued at $73,000. Royal Bank of Canada increased its stake in Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider's stock worth $176,000 after purchasing an additional 507 shares during the period. Stillwater Private Wealth LLC bought a new stake in shares of Mid Penn Bancorp during the first quarter worth $225,000. Cetera Investment Advisers bought a new stake in shares of Mid Penn Bancorp during the first quarter worth $233,000. Finally, Fischer Financial Services Inc. bought a new stake in shares of Mid Penn Bancorp during the second quarter worth $234,000. 43.11% of the stock is owned by hedge funds and other institutional investors.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Millersburg, Pennsylvania. Its principal subsidiary, Mid Penn Bank, provides community banking services to individuals, families, businesses and government entities.

The bank offers deposit accounts, residential and commercial real estate lending, consumer loans, commercial loans, treasury management and other business banking services. It also provides mortgage banking, wealth management and trust services designed to support customers' borrowing, investment and financial planning needs.

Mid Penn Bank traces its roots to 1868 and serves communities primarily throughout central and eastern Pennsylvania through a network of banking offices and digital banking channels.

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