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

Mid Penn Bancorp (NASDAQ:MPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

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

Separately, ValuEngine cut Mid Penn Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 4th.

Shares of MPB traded down $0.25 during midday trading on Wednesday, reaching $27.24. The stock had a trading volume of 378 shares, compared to its average volume of 7,653. The company’s 50-day moving average is $26.70 and its 200 day moving average is $25.34. Mid Penn Bancorp has a 12-month low of $21.51 and a 12-month high of $27.81. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $233.07 million, a price-to-earnings ratio of 13.29 and a beta of 0.59.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MPB. BlackRock Inc. lifted its stake in shares of Mid Penn Bancorp by 51.6% in the 2nd quarter. BlackRock Inc. now owns 324,268 shares of the financial services provider’s stock valued at $8,091,000 after acquiring an additional 110,423 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Mid Penn Bancorp by 79.2% in the 2nd quarter. Vanguard Group Inc. now owns 144,943 shares of the financial services provider’s stock valued at $3,616,000 after acquiring an additional 64,058 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at about $813,000. Banc Funds Co. LLC lifted its stake in shares of Mid Penn Bancorp by 54.8% in the 2nd quarter. Banc Funds Co. LLC now owns 55,067 shares of the financial services provider’s stock valued at $1,374,000 after acquiring an additional 19,500 shares during the last quarter. Finally, EJF Capital LLC bought a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at about $426,000. 18.87% of the stock is owned by institutional investors.

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 IRAs.

Featured Story: What are defining characteristics of a correction?

Get a free copy of the Zacks research report on Mid Penn Bancorp (MPB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Mid Penn Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mid Penn Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.