Mid Penn Bancorp (NASDAQ:MPB) Hits New 52-Week High – What’s Next?

Mid Penn Bancorp, Inc. (NASDAQ:MPB) shares reached a new 52-week high on Tuesday . The company traded as high as $31.00 and last traded at $31.00, with a volume of 7789 shares trading hands. The stock had previously closed at $30.31.

Analyst Upgrades and Downgrades

A number of research firms have commented on MPB. Piper Sandler raised their price target on 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 cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday.

Mid Penn Bancorp Stock Up 1.7 %

The company’s 50-day simple moving average is $28.80 and its 200 day simple moving average is $24.39. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $514.35 million, a P/E ratio of 13.12 and a beta of 0.58.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 7.99% and a net margin of 15.57%. Research analysts anticipate that Mid Penn Bancorp, Inc. will post 2.81 EPS for the current fiscal year.

Mid Penn Bancorp Announces Dividend

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

Hedge Funds Weigh In On Mid Penn Bancorp

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in shares of Mid Penn Bancorp in the third quarter valued at about $163,000. New Wave Wealth Advisors LLC bought a new stake in Mid Penn Bancorp during the 2nd quarter valued at $278,000. Squarepoint Ops LLC purchased a new position in shares of Mid Penn Bancorp in the 2nd quarter valued at $282,000. BNP Paribas Financial Markets raised its position in shares of Mid Penn Bancorp by 53.2% in the 1st quarter. BNP Paribas Financial Markets now owns 22,545 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 7,832 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Mid Penn Bancorp by 4.1% during the second quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock valued at $490,000 after purchasing an additional 877 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

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.