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

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

Mid Penn Bancorp Stock Down 0.5 %

Mid Penn Bancorp stock opened at $31.09 on Friday. The firm has a market cap of $519.20 million, a price-to-earnings ratio of 11.39 and a beta of 0.58. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.95. Mid Penn Bancorp has a fifty-two week low of $18.65 and a fifty-two week high of $32.00. The firm has a fifty day moving average price of $29.66 and a two-hundred day moving average price of $25.03.

Mid Penn Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Friday, November 8th. Mid Penn Bancorp’s payout ratio is presently 29.30%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MPB. Kennedy Capital Management LLC lifted its position in Mid Penn Bancorp by 126.4% during the 1st quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after acquiring an additional 53,650 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mid Penn Bancorp by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after acquiring an additional 31,292 shares during the last quarter. LSV Asset Management lifted its position in Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock worth $3,425,000 after acquiring an additional 27,098 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Mid Penn Bancorp during the 2nd quarter worth $282,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Mid Penn Bancorp during the 2nd quarter worth $278,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MPB shares. StockNews.com cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. Piper Sandler lifted 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.

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.