Zacks: Mid Penn Bancorp, Inc. (NASDAQ:MPB) Given $27.00 Consensus Price Target by Brokerages

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Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) have received an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.

Analysts have set a 12-month consensus price objective of $27.00 for the company and are expecting that the company will post $0.57 earnings per share for the current quarter, according to Zacks. Zacks has also given Mid Penn Bancorp an industry rank of 186 out of 256 based on the ratings given to its competitors.

Separately, Zacks Investment Research cut Mid Penn Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of Mid Penn Bancorp by 51.6% during the 2nd quarter. BlackRock Inc. now owns 324,268 shares of the financial services provider’s stock worth $8,091,000 after purchasing an additional 110,423 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Mid Penn Bancorp by 79.2% during the 2nd quarter. Vanguard Group Inc. now owns 144,943 shares of the financial services provider’s stock worth $3,616,000 after purchasing an additional 64,058 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Mid Penn Bancorp during the 2nd quarter worth approximately $813,000. Banc Funds Co. LLC increased its stake in shares of Mid Penn Bancorp by 54.8% during the 2nd quarter. Banc Funds Co. LLC now owns 55,067 shares of the financial services provider’s stock worth $1,374,000 after purchasing an additional 19,500 shares during the last quarter. Finally, EJF Capital LLC purchased a new stake in shares of Mid Penn Bancorp during the 2nd quarter worth approximately $426,000. Hedge funds and other institutional investors own 17.24% of the company’s stock.

Shares of NASDAQ:MPB traded up $1.03 during midday trading on Wednesday, reaching $26.50. The company had a trading volume of 50,072 shares, compared to its average volume of 6,728. The business’s 50 day moving average price is $24.21 and its 200 day moving average price is $24.70. The stock has a market cap of $215.37 million, a PE ratio of 11.93 and a beta of 0.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.45. Mid Penn Bancorp has a 1-year low of $21.51 and a 1-year high of $31.40.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Mid Penn Bancorp had a return on equity of 7.81% and a net margin of 15.61%. The business had revenue of $20.64 million for the quarter, compared to analyst estimates of $20.39 million. On average, research analysts expect that Mid Penn Bancorp will post 2.15 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Tuesday, August 6th. Mid Penn Bancorp’s dividend payout ratio is presently 35.12%.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs.

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