Mid Penn Bancorp (NASDAQ:MPB) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a sell rating in a report released on Friday morning, Zacks.com reports.

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

Shares of NASDAQ:MPB opened at $23.36 on Friday. The company has a market cap of $195.45 million, a P/E ratio of 11.40 and a beta of 0.54. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.45. Mid Penn Bancorp has a 52 week low of $21.54 and a 52 week high of $31.75. The business has a fifty day simple moving average of $25.36 and a 200-day simple moving average of $24.60.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.52 EPS for the quarter, missing the Zacks’ 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 during the quarter, compared to analysts’ expectations of $20.39 million. Sell-side analysts expect that Mid Penn Bancorp will post 2.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Wednesday, August 7th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Tuesday, August 6th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 35.12%.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in shares of Mid Penn Bancorp by 51.6% in the second quarter. BlackRock Inc. now owns 324,268 shares of the financial services provider’s stock worth $8,091,000 after buying an additional 110,423 shares during the period. Vanguard Group Inc. boosted its position in shares of Mid Penn Bancorp by 79.2% in the second quarter. Vanguard Group Inc. now owns 144,943 shares of the financial services provider’s stock worth $3,616,000 after buying an additional 64,058 shares during the period. Northern Trust Corp boosted its position in shares of Mid Penn Bancorp by 11.5% in the second quarter. Northern Trust Corp now owns 56,041 shares of the financial services provider’s stock worth $1,398,000 after buying an additional 5,786 shares during the period. Banc Funds Co. LLC boosted its position in shares of Mid Penn Bancorp by 54.8% in the second quarter. Banc Funds Co. LLC now owns 55,067 shares of the financial services provider’s stock worth $1,374,000 after buying an additional 19,500 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Mid Penn Bancorp by 12.1% in the fourth quarter. Geode Capital Management LLC now owns 48,092 shares of the financial services provider’s stock worth $1,107,000 after buying an additional 5,187 shares during the period. 17.45% of the stock is owned by hedge funds and other institutional investors.

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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