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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $28.08 and traded as high as $29.49. Mid Penn Bancorp shares last traded at $29.35, with a volume of 68,176 shares traded.

Analyst Ratings Changes

Several brokerages have commented on MPB. Piper Sandler increased their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods lifted their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, StockNews.com cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th.

Mid Penn Bancorp Stock Down 0.5 %

The company has a fifty day moving average of $31.46 and a 200 day moving average of $28.08. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12. The company has a market cap of $487.80 million, a P/E ratio of 10.09 and a beta of 0.56.

Mid Penn Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

Insider Activity at Mid Penn Bancorp

In related news, Director Albert J. Evans purchased 8,474 shares of Mid Penn Bancorp stock in a transaction on Friday, November 1st. The stock was acquired at an average price of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the transaction, the director now directly owns 34,712 shares in the company, valued at $1,024,004. This represents a 32.30 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders acquired 9,678 shares of company stock worth $285,527. 10.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Franklin Resources Inc. bought a new stake in Mid Penn Bancorp during the third quarter valued at about $285,000. Barclays PLC boosted its stake in Mid Penn Bancorp by 61.3% in the 3rd quarter. Barclays PLC now owns 36,805 shares of the financial services provider’s stock worth $1,098,000 after purchasing an additional 13,986 shares during the period. Geode Capital Management LLC grew its holdings in Mid Penn Bancorp by 5.3% during the 3rd 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 in the last quarter. Jane Street Group LLC raised its position in shares of 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 valued at $661,000 after buying an additional 9,324 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Mid Penn Bancorp by 14.3% during the third quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after acquiring an additional 79,851 shares during the last quarter. 43.11% of the stock is owned by hedge funds and other 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.