Mid Penn Bancorp (NASDAQ:MPB) Reaches New 52-Week High After Analyst Upgrade

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $31.00 to $35.00. Piper Sandler currently has an overweight rating on the stock. Mid Penn Bancorp traded as high as $32.16 and last traded at $32.16, with a volume of 9652 shares traded. The stock had previously closed at $31.09.

Separately, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently bought and sold shares of MPB. Rhumbline Advisers boosted its position in shares of Mid Penn Bancorp by 4.1% in 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 during the last quarter. ClariVest Asset Management LLC increased its holdings 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 valued at $842,000 after purchasing an additional 1,072 shares during the last quarter. McClarren Financial Advisors Inc. lifted its stake in Mid Penn Bancorp by 5,438.1% in the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,142 shares during the period. Empowered Funds LLC boosted its holdings in Mid Penn Bancorp by 7.8% during the first quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider’s stock worth $626,000 after buying an additional 2,275 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Mid Penn Bancorp by 7.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider’s stock worth $1,595,000 after buying an additional 5,153 shares during the period. Institutional investors and hedge funds own 43.11% of the company’s stock.

Mid Penn Bancorp Trading Up 3.7 %

The company has a market capitalization of $538.22 million, a P/E ratio of 13.96 and a beta of 0.58. The business has a 50 day moving average price of $29.66 and a 200 day moving average price of $25.11. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio is currently 34.63%.

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.