StockNews.com Upgrades Mid Penn Bancorp (NASDAQ:MPB) to Buy

Mid Penn Bancorp (NASDAQ:MPB – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Separately, Zacks Investment Research raised Mid Penn Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Wednesday, May 4th.

MPB traded up $0.15 on Thursday, hitting $25.89. 23,571 shares of the company were exchanged, compared to its average volume of 22,627. The firm has a 50-day moving average price of $26.66 and a two-hundred day moving average price of $28.96. The company has a market cap of $413.15 million, a price-to-earnings ratio of 10.15 and a beta of 0.55. Mid Penn Bancorp has a twelve month low of $25.33 and a twelve month high of $33.89. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32.

Mid Penn Bancorp (NASDAQ:MPB – Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.12. Mid Penn Bancorp had a return on equity of 10.01% and a net margin of 20.32%. Equities analysts expect that Mid Penn Bancorp will post 2.83 EPS for the current year.

In other news, Director Theodore W. Mowery bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The stock was purchased at an average cost of $25.79 per share, with a total value of $25,790.00. Following the transaction, the director now directly owns 20,227 shares in the company, valued at $521,654.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders purchased 1,643 shares of company stock valued at $43,216. Insiders own 10.30% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc raised its stake in Mid Penn Bancorp by 45.5% during the 4th quarter. Legal & General Group Plc now owns 1,120 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 350 shares during the last quarter. Citigroup Inc. raised its stake in shares of Mid Penn Bancorp by 140.3% during the 3rd quarter. Citigroup Inc. now owns 1,122 shares of the financial services provider’s stock worth $31,000 after buying an additional 655 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Mid Penn Bancorp by 66.7% during the 3rd quarter. Royal Bank of Canada now owns 1,175 shares of the financial services provider’s stock worth $33,000 after buying an additional 470 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Mid Penn Bancorp during the 3rd quarter worth approximately $49,000. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of Mid Penn Bancorp during the 3rd quarter worth approximately $75,000. 38.54% of the stock is owned by hedge funds and other institutional investors.

Mid Penn Bancorp Company Profile (Get Rating)

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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