Mid Penn Bancorp (NASDAQ:MPB) Releases Quarterly Earnings Results, Hits Expectations

Mid Penn Bancorp (NASDAQ:MPB) released its quarterly earnings results on Wednesday. The financial services provider reported $0.71 EPS for the quarter, hitting the consensus estimate of $0.71, Zacks reports. Mid Penn Bancorp had a return on equity of 8.34% and a net margin of 16.06%.

Mid Penn Bancorp Trading Down 0.3 %

Shares of Mid Penn Bancorp stock traded down $0.09 during trading hours on Wednesday, reaching $29.69. The stock had a trading volume of 74,667 shares, compared to its average volume of 68,967. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp has a 1 year low of $19.20 and a 1 year high of $33.87. The firm has a market capitalization of $493.45 million, a price-to-earnings ratio of 10.20 and a beta of 0.57. The firm has a 50 day simple moving average of $30.24 and a two-hundred day simple moving average of $29.29.

Analyst Upgrades and Downgrades

MPB has been the topic of a number of recent analyst reports. StockNews.com lowered Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. Piper Sandler upped their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upped their target price on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

Insider Activity

In other Mid Penn Bancorp news, Director Albert J. Evans acquired 8,474 shares of the stock in a transaction on Friday, November 1st. The stock was purchased at an average price of $29.50 per share, for a total transaction of $249,983.00. Following the purchase, the director now directly owns 34,712 shares in the company, valued at $1,024,004. This trade represents a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 9,678 shares of company stock worth $285,510. 9.90% of the stock is currently owned by corporate insiders.

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.