Mid Penn Bancorp Price Target Increased by Keefe, Bruyette & Woods

Mid Penn Bancorp (NASDAQ:MPB) received a positive update from Keefe, Bruyette & Woods, who raised their price target for the company's shares from $34.00 to $37.00 in a report issued on Tuesday. This adjustment reflects an "outperform" rating, indicating that the analysts have a favorable outlook on the stock's performance. The revised price target suggests a potential upside of approximately 14.84% from the stock's previous closing price.

Recently, Mid Penn Bancorp has attracted attention, and other research firms have also weighed in on the stock. For example, StockNews.com downgraded its rating on Mid Penn Bancorp from "buy" to "hold" on October 14. Additionally, Piper Sandler boosted their price target from $31.00 to $35.00, while assigning an "overweight" rating to the shares.

Mid Penn Bancorp Stock Performance

In trading sessions on Tuesday, shares of Mid Penn Bancorp fluctuated slightly, with the stock price reaching $32.22, down by $0.03. A total of 2,359 shares changed hands throughout the day, falling short of the average trading volume of 34,462 shares. Over the past year, the stock has recorded a low of $18.67 and a high of $32.59, illustrating notable volatility. The company’s financial metrics highlight a quick ratio and current ratio both at 0.95, with a debt-to-equity ratio of 0.12. Mid Penn Bancorp possesses a market capitalization of approximately $537.72 million and a price-to-earnings ratio of 13.97, paired with a beta of 0.58. The firm's stock is trading above its 50-day moving average of $29.74 and its 200-day moving average of $25.20.

Institutional Investors Weigh In On Mid Penn Bancorp

Institutional investment in Mid Penn Bancorp has grown, as several firms have recently adjusted their positions in the company. For instance, McClarren Financial Advisors Inc. remarkably increased its holdings by 5,438.1% during the third quarter, now owning 1,163 shares valued at around $34,000 after acquiring 1,142 additional shares. SG Americas Securities LLC and New Wave Wealth Advisors LLC also entered new positions in the stock, valued at $163,000 and $278,000, respectively. Other notable new stakeholders include Squarepoint Ops LLC and Heritage Oak Wealth Advisors LLC. Collectively, institutional investors currently hold about 43.11% of Mid Penn Bancorp's stock.

Company Overview

Mid Penn Bancorp, Inc is the parent company of Mid Penn Bank, which offers a variety of commercial banking services to diverse clientele, including individuals, partnerships, non-profit organizations, and corporations. The bank provides a range of deposit products such as checking accounts, savings accounts, money market accounts, and individual retirement accounts.

Mid, Penn, Bancorp