Mid Penn Bancorp (NASDAQ:MPB) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

MPB stock opened at $26.50 on Tuesday. Mid Penn Bancorp has a 12 month low of $21.51 and a 12 month high of $31.40. The firm has a market cap of $211.47 million, a PE ratio of 12.93 and a beta of 0.57. The firm has a 50 day simple moving average of $24.21 and a 200 day simple moving average of $24.70. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.97 and a quick ratio of 0.97.



Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). Mid Penn Bancorp had a net margin of 15.61% and a return on equity of 7.81%. The business had revenue of $20.64 million for the quarter, compared to analyst estimates of $20.39 million. As a group, sell-side analysts expect that Mid Penn Bancorp will post 2.15 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Wednesday, August 7th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.72%. The ex-dividend date was Tuesday, August 6th. Mid Penn Bancorp’s dividend payout ratio is presently 35.12%.

A number of hedge funds have recently added to or reduced their stakes in MPB. Tower Research Capital LLC TRC lifted its position in shares of Mid Penn Bancorp by 2,277.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,257 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 3,120 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Mid Penn Bancorp by 235.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,845 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 2,698 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Mid Penn Bancorp by 34.8% in the 4th quarter. Bank of America Corp DE now owns 8,359 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 2,156 shares in the last quarter. Context BH Capital Management LP lifted its position in shares of Mid Penn Bancorp by 6.0% in the 2nd quarter. Context BH Capital Management LP now owns 8,814 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 501 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Mid Penn Bancorp by 49.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 16,303 shares of the financial services provider’s stock valued at $407,000 after acquiring an additional 5,407 shares in the last quarter. 17.24% of the stock is owned by institutional investors and hedge funds.

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 IRAs.

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