Mid Penn Bancorp (NASDAQ:MPB) Hits New 1-Year High – Here’s What Happened

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $33.24 and last traded at $33.13, with a volume of 6128 shares. The stock had previously closed at $32.43.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. Piper Sandler raised their price objective on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th.

Mid Penn Bancorp Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The company’s 50-day moving average price is $30.88 and its 200 day moving average price is $26.86. The stock has a market capitalization of $536.83 million, a P/E ratio of 11.10 and a beta of 0.57.

Mid Penn Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.48%. Mid Penn Bancorp’s dividend payout ratio is presently 27.49%.

Insider Activity

In other Mid Penn Bancorp news, Director Albert J. Evans bought 8,474 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 34,712 shares of the company’s stock, valued at $1,024,004. This trade represents a 32.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired 9,669 shares of company stock worth $285,241 over the last ninety days. Corporate insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Mid Penn Bancorp by 14.3% in the third quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after buying an additional 79,851 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in Mid Penn Bancorp in the 3rd quarter valued at $1,626,000. Kennedy Capital Management LLC lifted its stake in Mid Penn Bancorp by 126.4% in the 1st quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after purchasing an additional 53,650 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Mid Penn Bancorp during the 3rd quarter valued at about $1,078,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Mid Penn Bancorp by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock valued at $9,195,000 after purchasing an additional 31,292 shares in the last quarter. 43.11% of the stock is currently owned by 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 individual retirement accounts.