Mid Penn Bancorp (NASDAQ:MPB) Releases Earnings Results, Beats Estimates By $0.02 EPS

Mid Penn Bancorp (NASDAQ:MPB) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02, reports. Mid Penn Bancorp had a return on equity of 7.99% and a net margin of 15.57%. The firm had revenue of $45.35 million for the quarter, compared to analysts’ expectations of $44.24 million.

Mid Penn Bancorp Stock Down 1.5 %

Shares of MPB traded down $0.48 during trading hours on Friday, hitting $30.77. 10,929 shares of the company were exchanged, compared to its average volume of 34,341. The firm’s 50 day moving average is $29.52 and its 200-day moving average is $24.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. Mid Penn Bancorp has a 52 week low of $18.65 and a 52 week high of $32.00. The company has a market cap of $513.86 million, a PE ratio of 11.45 and a beta of 0.58.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be given a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.60%. Mid Penn Bancorp’s dividend payout ratio is currently 29.30%.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. McClarren Financial Advisors Inc. grew its holdings in Mid Penn Bancorp by 5,438.1% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,142 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Mid Penn Bancorp in the third quarter worth $163,000. New Wave Wealth Advisors LLC bought a new position in Mid Penn Bancorp during the second quarter worth $278,000. Squarepoint Ops LLC bought a new position in Mid Penn Bancorp during the second quarter worth $282,000. Finally, Heritage Oak Wealth Advisors LLC acquired a new position in Mid Penn Bancorp during the 3rd quarter valued at $378,000. 43.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of Mid Penn Bancorp from $25.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, July 29th. StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

Mid Penn Bancorp Company Profile

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.