NasdaqGM:MPB

Stock Analysis Report

Executive Summary

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.

Rewards

PE ratio (13x) is below the US market (18.4x)

Earnings are forecast to grow 6.56% per year

Earnings grew by 178.9% over the past year

Risk Analysis

Unstable dividend track record

Shareholders have been diluted in the past year



Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.


Similar Companies

Bank of Utica

OTCPK:BKUT

Share Price & News

How has Mid Penn Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MPB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.6%

MPB

2.7%

US Banks

1.1%

US Market


1 Year Return

12.6%

MPB

22.7%

US Banks

17.8%

US Market

Return vs Industry: MPB underperformed the US Banks industry which returned 22.7% over the past year.

Return vs Market: MPB underperformed the US Market which returned 17.8% over the past year.


Shareholder returns

MPBIndustryMarket
7 Day2.6%2.7%1.1%
30 Day2.4%0.9%1.4%
90 Day7.6%10.0%3.9%
1 Year16.2%12.6%26.3%22.7%20.3%17.8%
3 Year26.2%16.8%31.8%22.6%44.8%35.4%
5 Year104.4%76.5%80.2%60.2%71.3%52.4%

Price Volatility Vs. Market

How volatile is Mid Penn Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Mid Penn Bancorp undervalued compared to its fair value and its price relative to the market?

13x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MPB ($27.44) is trading above our estimate of fair value ($13.12)

Significantly Below Fair Value: MPB is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MPB is poor value based on its PE Ratio (13x) compared to the Banks industry average (12.7x).

PE vs Market: MPB is good value based on its PE Ratio (13x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: MPB is poor value based on its PEG Ratio (2x)


Price to Book Ratio

PB vs Industry: MPB is good value based on its PB Ratio (1x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Mid Penn Bancorp forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

6.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MPB's forecast earnings growth (6.6% per year) is above the savings rate (1.7%).

Earnings vs Market: MPB's earnings (6.6% per year) are forecast to grow slower than the US market (14.2% per year).

High Growth Earnings: MPB's earnings are forecast to grow, but not significantly.

Revenue vs Market: MPB's revenue (8.1% per year) is forecast to grow faster than the US market (7.4% per year).

High Growth Revenue: MPB's revenue (8.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MPB's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

How has Mid Penn Bancorp performed over the past 5 years?

20.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MPB has high quality earnings.

Growing Profit Margin: MPB's current net profit margins (22.7%) are higher than last year (11.9%).


Past Earnings Growth Analysis

Earnings Trend: MPB's earnings have grown significantly by 20.9% per year over the past 5 years.

Accelerating Growth: MPB's earnings growth over the past year (178.9%) exceeds its 5-year average (20.9% per year).

Earnings vs Industry: MPB earnings growth over the past year (178.9%) exceeded the Banks industry 27.1%.


Return on Equity

High ROE: MPB's Return on Equity (7.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Mid Penn Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MPB has a low level of unsold assets or inventory.

Debt Coverage by Assets: MPB's debt is covered by short term assets (assets are 1.8x debt).


Financial Institutions Analysis

Asset Level: MPB's level of assets compared to its equity is low.

Allowance for Bad Loans: MPB has a sufficient allowance for bad loans.

Low Risk Liabilities: MPB's liabilities are made up of primarily low risk sources of funding.

Loan Level: MPB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MPB's loans are broadly funded by customer deposits.

Level of Bad Loans: MPB has an appropriate level of bad loans (0.32%)


Next Steps

Dividend

What is Mid Penn Bancorp's current dividend yield, its reliability and sustainability?

2.99%

Current Dividend Yield


Dividend Yield vs Market

company3.0%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years2.7%

Current dividend yield vs market & industry

Notable Dividend: MPB's dividend (2.99%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: MPB's dividend (2.99%) is low compared to the top 25% of dividend payers in the US market (3.67%).


Stability and Growth of Payments

Stable Dividend: MPB's dividend payments have been volatile in the past 10 years.

Growing Dividend: MPB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.7%), MPB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MPB's dividends in 3 years are forecast to be well covered by earnings (32.6% payout ratio).


Next Steps

Management

What is the CEO of Mid Penn Bancorp's salary, the management and board of directors tenure and is there insider trading?

7.4yrs

Average management tenure


CEO

Rory Ritrievi (55yo)

10.8yrs

Tenure

US$665,144

Compensation

Mr. Rory G. Ritrievi has been the Chief Executive Officer and President of Mid Penn BanCorp Inc. and Mid Penn Bank (Millersburg, PA) since February 25, 2009. He has been a Director of Mid Penn BanCorp Inc. ...


CEO Compensation Analysis

Compensation vs Market: Rory's total compensation ($USD665.14K) is below average for companies of similar size in the US market ($USD1.12M).

Compensation vs Earnings: Rory's compensation has increased by more than 20% in the past year.


Management Age and Tenure

7.4yrs

Average Tenure

54yo

Average Age

Experienced Management: MPB's management team is seasoned and experienced (7.4 years average tenure).


Board Age and Tenure

8.9yrs

Average Tenure

59.5yo

Average Age

Experienced Board: MPB's board of directors are considered experienced (8.9 years average tenure).


Insider Trading

Insider Buying: MPB insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUS$7,94021 Nov 19
David Sparks
EntityIndividual
Shares304
Max PriceUS$26.12
BuyUS$13,25008 Nov 19
Robert Abel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares500
Max PriceUS$26.50
BuyUS$1,00001 Oct 19
Gregory Kerwin
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares39
Max PriceUS$25.63
BuyUS$2,99901 Oct 19
Robert Klinger
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares117
Max PriceUS$25.63
BuyUS$1,99901 Oct 19
Theodore Mowery
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares78
Max PriceUS$25.63
BuyUS$4,51101 Oct 19
Robert Moisey
EntityIndividual
Shares176
Max PriceUS$25.63
BuyUS$58901 Oct 19
Alan Novak
EntityIndividual
Shares23
Max PriceUS$25.63
BuyUS$4,99801 Oct 19
Steven Boyer
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares195
Max PriceUS$25.63
BuyUS$4,99801 Oct 19
Robert Grubic
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares195
Max PriceUS$25.63
BuyUS$2,51201 Oct 19
Joel Frank
EntityIndividual
Shares98
Max PriceUS$25.63
BuyUS$2,99901 Oct 19
Noble Quandel
EntityIndividual
Shares117
Max PriceUS$25.63
BuyUS$6,22801 Oct 19
Matthew DeSoto
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares243
Max PriceUS$25.63
BuyUS$2,48601 Oct 19
Kimberly Brumbaugh
EntityIndividual
Shares97
Max PriceUS$25.63
BuyUS$48701 Oct 19
Robert Abel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares19
Max PriceUS$25.63
BuyUS$4,68415 Aug 19
John Noone
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares200
Max PriceUS$23.42
BuyUS$24,64008 Aug 19
William Specht
EntityIndividual
Role
Vice Chairman
Vice Chairman of the Board
Shares1,000
Max PriceUS$24.64
BuyUS$49902 Jul 19
Robert Abel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares20
Max PriceUS$24.95
BuyUS$4,49101 Jul 19
Robert Moisey
EntityIndividual
Shares180
Max PriceUS$24.95
BuyUS$2,49501 Jul 19
Joel Frank
EntityIndividual
Shares100
Max PriceUS$24.95
BuyUS$4,99001 Jul 19
Steven Boyer
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares200
Max PriceUS$24.95
BuyUS$2,99401 Jul 19
Noble Quandel
EntityIndividual
Shares120
Max PriceUS$24.95
BuyUS$99801 Jul 19
Gregory Kerwin
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares40
Max PriceUS$24.95
BuyUS$6,26201 Jul 19
Matthew DeSoto
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares251
Max PriceUS$24.95
BuyUS$1,99601 Jul 19
Theodore Mowery
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares80
Max PriceUS$24.95
BuyUS$2,99401 Jul 19
Robert Klinger
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares120
Max PriceUS$24.95
BuyUS$59901 Jul 19
Alan Novak
EntityIndividual
Shares24
Max PriceUS$24.95
BuyUS$5,01501 Jul 19
Robert Grubic
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares201
Max PriceUS$24.95
BuyUS$2,49901 Apr 19
Joel Frank
EntityIndividual
Shares102
Max PriceUS$24.50
BuyUS$4,50801 Apr 19
Robert Moisey
EntityIndividual
Shares184
Max PriceUS$24.50
BuyUS$6,24801 Apr 19
Matthew DeSoto
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares255
Max PriceUS$24.50
BuyUS$3,01401 Apr 19
Noble Quandel
EntityIndividual
Shares123
Max PriceUS$24.50
BuyUS$2,00901 Apr 19
Theodore Mowery
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares82
Max PriceUS$24.50
BuyUS$2,98901 Apr 19
Robert Klinger
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares122
Max PriceUS$24.50
BuyUS$4,99801 Apr 19
Steven Boyer
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares204
Max PriceUS$24.50
BuyUS$51501 Apr 19
Robert Abel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares21
Max PriceUS$24.50
BuyUS$98001 Apr 19
Gregory Kerwin
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares40
Max PriceUS$24.50
BuyUS$58801 Apr 19
Alan Novak
EntityIndividual
Shares24
Max PriceUS$24.50
BuyUS$4,99801 Apr 19
Robert Grubic
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares204
Max PriceUS$24.50
BuyUS$49,96325 Mar 19
Matthew DeSoto
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,065
Max PriceUS$24.20
BuyUS$25,30701 Mar 19
Theodore Mowery
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,000
Max PriceUS$25.31
BuyUS$4,63714 Feb 19
Michael Peduzzi
EntityIndividual
Role
Chief Financial Officer
Senior EVP & Chief Financial Officer
Shares200
Max PriceUS$23.19
BuyUS$6,23802 Jan 19
Matthew DeSoto
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares271
Max PriceUS$23.02
BuyUS$48302 Jan 19
Robert Abel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares21
Max PriceUS$23.02
BuyUS$2,48602 Jan 19
Joel Frank
EntityIndividual
Shares108
Max PriceUS$23.02
BuyUS$2,99302 Jan 19
Noble Quandel
EntityIndividual
Shares130
Max PriceUS$23.02
BuyUS$1,01302 Jan 19
Gregory Kerwin
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares44
Max PriceUS$23.02
BuyUS$4,51202 Jan 19
Robert Moisey
EntityIndividual
Shares196
Max PriceUS$23.02
BuyUS$59902 Jan 19
Alan Novak
EntityIndividual
Shares26
Max PriceUS$23.02
BuyUS$1,98002 Jan 19
Theodore Mowery
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares86
Max PriceUS$23.02
BuyUS$4,99502 Jan 19
Steven Boyer
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares217
Max PriceUS$23.02
BuyUS$2,00302 Jan 19
Robert Klinger
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares87
Max PriceUS$23.02
BuyUS$4,99502 Jan 19
Robert Grubic
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares217
Max PriceUS$23.02
BuyUS$11,15521 Dec 18
Robert Klinger
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares500
Max PriceUS$22.31

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 40.8%.


Management Team

  • Rory Ritrievi (55yo)

    President

    • Tenure: 10.8yrs
    • Compensation: US$665.14k
  • Cindy Wetzel (57yo)

    Secretary

    • Tenure: 0yrs
  • Joseph Paese (75yo)

    Executive VP and Director of Trust & Wealth Management - Mid Penn Bank

    • Tenure: 3.7yrs
    • Compensation: US$254.30k
  • Mike Peduzzi (53yo)

    Senior EVP & Chief Financial Officer

    • Tenure: 3.8yrs
    • Compensation: US$362.87k
  • Scott Micklewright (36yo)

    Senior EVP & Chief Revenue Officer of Mid Penn Bank

    • Tenure: 9.5yrs
    • Compensation: US$334.05k
  • Justin Webb (36yo)

    Senior EVP & COO of Mid Penn Bank

    • Tenure: 7.4yrs
    • Compensation: US$339.58k

Board Members

  • Rory Ritrievi (55yo)

    President

    • Tenure: 10.8yrs
    • Compensation: US$665.14k
  • Gregory Kerwin (68yo)

    Independent Director

    • Tenure: 20.9yrs
    • Compensation: US$54.80k
  • John Noone (59yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: US$57.02k
  • Theodore Mowery (60yo)

    Independent Director

    • Tenure: 16yrs
    • Compensation: US$57.27k
  • Bob Grubic (67yo)

    Chairman of the Board

    • Tenure: 7.6yrs
    • Compensation: US$98.59k
  • Bill Specht (57yo)

    Vice Chairman of the Board

    • Tenure: 7.6yrs
    • Compensation: US$76.46k
  • Matthew DeSoto (42yo)

    Independent Director

    • Tenure: 11.9yrs
    • Compensation: US$58.46k
  • Robert Klinger (61yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: US$51.65k
  • Robert Abel (60yo)

    Independent Director

    • Tenure: 8.9yrs
    • Compensation: US$54.66k
  • Steven Boyer (56yo)

    Independent Director

    • Tenure: 8.9yrs
    • Compensation: US$54.48k

Company Information

Mid Penn Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mid Penn Bancorp, Inc.
  • Ticker: MPB
  • Exchange: NasdaqGM
  • Founded: 1868
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$231.208m
  • Shares outstanding: 8.48m
  • Website: https://www.midpennbank.com

Number of Employees


Location

  • Mid Penn Bancorp, Inc.
  • 349 Union Street
  • Millersburg
  • Pennsylvania
  • 17061
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MPBNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDOct 1990

Biography

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/10 23:41
End of Day Share Price2019/12/10 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.