BNP Paribas Financial Markets Reduces Stock Position in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

BNP Paribas Financial Markets cut its stake in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 44.8% in the third quarter, Holdings Channel.com reports. The firm owned 12,128 shares of the financial services provider’s stock after selling 9,826 shares during the quarter. BNP Paribas Financial Markets’ holdings in Mid Penn Bancorp were worth $362,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. McClarren Financial Advisors Inc. grew its position in shares of 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 purchasing an additional 1,142 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Mid Penn Bancorp in the third quarter valued at approximately $163,000. Cornercap Investment Counsel Inc. acquired a new position in Mid Penn Bancorp in the third quarter valued at approximately $263,000. Thrivent Financial for Lutherans acquired a new position in Mid Penn Bancorp in the third quarter valued at approximately $272,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Mid Penn Bancorp in the second quarter valued at approximately $278,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

Mid Penn Bancorp Trading Down 0.9 %

MPB opened at $30.83 on Friday. 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 business’s 50 day moving average price is $31.40 and its 200 day moving average price is $27.72. Mid Penn Bancorp, Inc. has a one year low of $19.20 and a one year high of $33.87. The stock has a market capitalization of $512.39 million, a PE ratio of 10.59 and a beta of 0.56.

Mid Penn Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders 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 2.59%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is 27.49%.

Insiders Place Their Bets

In other news, Director Albert J. Evans purchased 8,474 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were bought at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the purchase, the director now directly owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought 9,678 shares of company stock worth $285,527 over the last ninety days. Corporate insiders own 10.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on MPB. StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. 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. Finally, Keefe, Bruyette & Woods upped their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

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.