Mid Penn Bancorp (NASDAQ:MPB) Hits New 52-Week High at $30.55

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $30.55 and last traded at $30.55, with a volume of 11380 shares changing hands. The stock had previously closed at $29.68.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MPB. StockNews.com raised shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Piper Sandler increased their price objective on shares of Mid Penn Bancorp from $25.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, July 29th.

Mid Penn Bancorp Trading Up 2.0 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $513.35 million, a price-to-earnings ratio of 13.32 and a beta of 0.58. The business has a fifty day simple moving average of $27.89 and a 200-day simple moving average of $23.25.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. The business had revenue of $44.10 million during the quarter, compared to analyst estimates of $41.63 million. Mid Penn Bancorp had a net margin of 15.57% and a return on equity of 7.99%. As a group, equities analysts forecast that Mid Penn Bancorp, Inc. will post 2.81 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a $0.20 dividend. The ex-dividend date was Friday, August 9th. This represents a $0.80 annualized dividend and a dividend yield of 2.60%. Mid Penn Bancorp’s payout ratio is 34.63%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC bought a new position in shares of Mid Penn Bancorp in the 2nd quarter worth about $278,000. Squarepoint Ops LLC acquired a new stake in Mid Penn Bancorp during the second quarter worth approximately $282,000. BNP Paribas Financial Markets increased its holdings in Mid Penn Bancorp by 138.5% in the fourth quarter. BNP Paribas Financial Markets now owns 14,713 shares of the financial services provider’s stock worth $357,000 after purchasing an additional 8,545 shares in the last quarter. Rhumbline Advisers lifted its stake in Mid Penn Bancorp by 4.1% in the second quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock valued at $490,000 after buying an additional 877 shares during the period. Finally, BHZ Capital Management LP boosted its holdings in shares of Mid Penn Bancorp by 53.8% during the 4th quarter. BHZ Capital Management LP now owns 23,739 shares of the financial services provider’s stock worth $576,000 after buying an additional 8,307 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

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 individual retirement accounts.