Insider Buying: Mid Penn Bancorp (NASDAQ:MPB) Director Purchases $10,018.20 in Stock

by · The Markets Daily

Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) Director Soto Matthew De bought 283 shares of the stock in a transaction on Wednesday, September 30th. The shares were acquired at an average cost of $35.40 per share, with a total value of $10,018.20. Following the acquisition, the director directly owned 119,543 shares in the company, valued at approximately $4,231,822.20. This trade represents a 0.24% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Mid Penn Bancorp Stock Performance

NASDAQ MPB opened at $36.40 on Monday. Mid Penn Bancorp has a 12 month low of $26.56 and a 12 month high of $39.15. The stock has a 50-day simple moving average of $37.18 and a 200 day simple moving average of $34.69. The company has a market capitalization of $922.01 million, a PE ratio of 12.86 and a beta of 0.49.

Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The firm had revenue of $75.87 million for the quarter, compared to analysts’ expectations of $73.28 million. Mid Penn Bancorp had a return on equity of 8.82% and a net margin of 17.55%. As a group, sell-side analysts predict that Mid Penn Bancorp will post 3.34 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The company also recently disclosed 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 is an increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, August 3rd. Mid Penn Bancorp’s dividend payout ratio is presently 32.51%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MPB. Wall Street Zen lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Zacks Research raised shares of Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Weiss Ratings raised Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Raymond James Financial started coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They set an “outperform” rating and a $38.00 target price on the stock. Finally, Keefe, Bruyette & Woods boosted their target price 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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

Get Our Latest Report on MPB

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MPB. Royal Bank of Canada boosted its stake in Mid Penn Bancorp by 10.2% in the 1st 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. Bank of New York Mellon Corp raised its stake in shares of Mid Penn Bancorp by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 108,145 shares of the financial services provider’s stock valued at $3,478,000 after purchasing an additional 787 shares during the period. Susquehanna Fundamental Investments LLC raised its stake in shares of Mid Penn Bancorp by 9.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 12,096 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 998 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Mid Penn Bancorp by 14.9% in the first quarter. Quantinno Capital Management LP now owns 13,757 shares of the financial services provider’s stock valued at $442,000 after purchasing an additional 1,781 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Mid Penn Bancorp in the second quarter valued at about $73,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

About Mid Penn Bancorp

(Get Free Report)

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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