Mid Penn Bancorp (NASDAQ:MPB) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Mid Penn Bancorp (NASDAQ:MPBFree Report) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

A number of other equities analysts have also issued reports on the stock. Piper Sandler reduced their target price on shares of Mid Penn Bancorp from $27.00 to $26.00 and set an overweight rating on the stock in a research report on Thursday, February 1st. TheStreet lowered Mid Penn Bancorp from a b rating to a c+ rating in a research report on Tuesday, February 13th.

Get Our Latest Stock Analysis on MPB

Mid Penn Bancorp Stock Performance

Mid Penn Bancorp stock opened at $21.65 on Friday. The stock has a 50-day simple moving average of $20.33 and a 200 day simple moving average of $21.41. The stock has a market capitalization of $361.32 million, a price-to-earnings ratio of 9.37 and a beta of 0.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.13. Mid Penn Bancorp has a 12-month low of $18.63 and a 12-month high of $25.92.

Mid Penn Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 27th. Investors of record on Friday, May 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Thursday, May 9th. Mid Penn Bancorp’s dividend payout ratio (DPR) is 34.63%.

Insider Activity at Mid Penn Bancorp

In related news, Director Soto Matthew G. De acquired 9,615 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was acquired at an average cost of $20.76 per share, with a total value of $199,607.40. Following the completion of the purchase, the director now directly owns 79,190 shares in the company, valued at $1,643,984.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Theodore W. Mowery bought 2,000 shares of the stock in a transaction on Friday, March 15th. The stock was purchased at an average price of $20.42 per share, with a total value of $40,840.00. Following the completion of the purchase, the director now owns 31,540 shares of the company’s stock, valued at $644,046.80. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Soto Matthew G. De purchased 9,615 shares of Mid Penn Bancorp stock in a transaction dated Monday, April 29th. The shares were purchased at an average cost of $20.76 per share, for a total transaction of $199,607.40. Following the completion of the transaction, the director now owns 79,190 shares of the company’s stock, valued at $1,643,984.40. The disclosure for this purchase can be found here. Insiders have acquired 13,223 shares of company stock worth $273,830 over the last ninety days. Company insiders own 10.70% of the company’s stock.

Institutional Trading of Mid Penn Bancorp

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Mid Penn Bancorp by 1.8% in the first quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock valued at $13,774,000 after acquiring an additional 12,314 shares during the period. LSV Asset Management grew its position in shares of Mid Penn Bancorp by 11.1% in the 1st quarter. LSV Asset Management now owns 128,961 shares of the financial services provider’s stock valued at $2,581,000 after purchasing an additional 12,883 shares during the period. Endeavour Capital Advisors Inc. increased its stake in Mid Penn Bancorp by 2.0% during the 3rd quarter. Endeavour Capital Advisors Inc. now owns 110,187 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 2,136 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Mid Penn Bancorp by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 92,565 shares of the financial services provider’s stock worth $1,863,000 after buying an additional 1,176 shares during the period. Finally, Wharton Business Group LLC lifted its stake in Mid Penn Bancorp by 3.2% in the fourth quarter. Wharton Business Group LLC now owns 80,841 shares of the financial services provider’s stock valued at $1,963,000 after buying an additional 2,510 shares in the last quarter. Institutional investors own 43.11% of the company’s stock.

About Mid Penn Bancorp

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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.

Further Reading

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