Mid Penn Bancorp (NASDAQ:MPB) Hits New 12-Month High – Here’s What Happened

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

Analyst Upgrades and Downgrades

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

Mid Penn Bancorp Stock Up 2.0 %

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 firm has a market capitalization of $549.62 million, a PE ratio of 11.34 and a beta of 0.57. The business’s 50 day moving average price is $30.77 and its 200-day moving average price is $26.71.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be paid a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.42%. Mid Penn Bancorp’s payout ratio is presently 27.49%.

Insider Buying and Selling

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 shares were purchased at an average cost of $29.50 per share, with a total value of $249,983.00. Following the purchase, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have bought 9,669 shares of company stock valued at $285,241. Corporate insiders own 10.70% of the company’s stock.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently modified their holdings of the stock. Rhumbline Advisers grew its stake in Mid Penn Bancorp by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock worth $490,000 after purchasing an additional 877 shares in the last quarter. ClariVest Asset Management LLC lifted its stake in Mid Penn Bancorp by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider’s stock worth $842,000 after acquiring an additional 1,072 shares during the last quarter. McClarren Financial Advisors Inc. increased its position in shares of Mid Penn Bancorp by 5,438.1% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,142 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Mid Penn Bancorp by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 35,350 shares of the financial services provider’s stock worth $1,054,000 after purchasing an additional 1,742 shares during the last quarter. Finally, Martingale Asset Management L P grew its stake in shares of Mid Penn Bancorp by 12.0% during the third quarter. Martingale Asset Management L P now owns 42,502 shares of the financial services provider’s stock worth $1,268,000 after purchasing an additional 4,550 shares in the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

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.