Piper Sandler Issues Positive Forecast for Mid Penn Bancorp (NASDAQ:MPB) Stock Price

Mid Penn Bancorp (NASDAQ:MPB) had its price objective increased by Piper Sandler from $31.00 to $35.00 in a research note published on Monday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

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

Mid Penn Bancorp Stock Down 0.9 %

MPB opened at $31.59 on Monday. Mid Penn Bancorp has a fifty-two week low of $18.75 and a fifty-two week high of $32.86. The firm has a market capitalization of $527.43 million, a P/E ratio of 10.86 and a beta of 0.58. The company’s 50-day moving average is $29.97 and its 200 day moving average is $25.37. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.95.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.53%. The ex-dividend date is Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio is 27.49%.

Hedge Funds Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. McClarren Financial Advisors Inc. lifted its position in shares of Mid Penn Bancorp by 5,438.1% during the 3rd 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 last quarter. SG Americas Securities LLC bought a new position in Mid Penn Bancorp during the third quarter worth about $163,000. New Wave Wealth Advisors LLC purchased a new position in shares of Mid Penn Bancorp in the second quarter worth about $278,000. Squarepoint Ops LLC bought a new stake in shares of Mid Penn Bancorp in the second quarter valued at approximately $282,000. Finally, Heritage Oak Wealth Advisors LLC purchased a new stake in shares of Mid Penn Bancorp during the 3rd quarter valued at approximately $378,000. 43.11% of the stock is 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.