Mid Penn Bancorp (NASDAQ:MPB) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.98 and traded as low as $26.89. Mid Penn Bancorp shares last traded at $27.64, with a volume of 56,466 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. Keefe, Bruyette & Woods boosted their price target 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. Finally, Piper Sandler raised their price objective on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th.

Mid Penn Bancorp Stock Up 1.7 %

The stock has a market cap of $481.15 million, a price-to-earnings ratio of 9.95 and a beta of 0.57. The firm’s fifty day moving average price is $30.56 and its two-hundred day moving average price is $29.03. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is currently 27.49%.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Albert J. Evans acquired 8,474 shares of the company’s stock in a transaction on Friday, November 1st. The shares were purchased at an average cost of $29.50 per share, with a total value of $249,983.00. Following the completion of the purchase, the director now owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders bought 9,678 shares of company stock valued at $285,510. Company insiders own 10.70% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Mid Penn Bancorp by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,542 shares of the financial services provider’s stock valued at $1,866,000 after purchasing an additional 14,009 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Mid Penn Bancorp in the third quarter valued at approximately $285,000. Barclays PLC lifted its holdings in shares of Mid Penn Bancorp by 61.3% in the third quarter. Barclays PLC now owns 36,805 shares of the financial services provider’s stock valued at $1,098,000 after purchasing an additional 13,986 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Mid Penn Bancorp by 5.3% during the third quarter. Geode Capital Management LLC now owns 350,375 shares of the financial services provider’s stock valued at $10,454,000 after buying an additional 17,730 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Mid Penn Bancorp by 72.7% during the third quarter. Jane Street Group LLC now owns 22,145 shares of the financial services provider’s stock worth $661,000 after buying an additional 9,324 shares in the last quarter. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Company Profile

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.