Insider Buying: Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Acquires 3,050 Shares of Stock

Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Rory G. Ritrievi bought 3,050 shares of the stock in a transaction on Monday, January 27th. The stock was bought at an average price of $30.05 per share, for a total transaction of $91,652.50. Following the completion of the purchase, the chief executive officer now directly owns 7,385 shares in the company, valued at approximately $221,919.25. The trade was a 70.36 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mid Penn Bancorp Stock Down 0.2 %

Shares of MPB traded down $0.08 during mid-day trading on Tuesday, reaching $30.28. The company’s stock had a trading volume of 23,213 shares, compared to its average volume of 65,340. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp, Inc. has a 1 year low of $19.20 and a 1 year high of $33.87. The business has a fifty day moving average of $30.08 and a 200 day moving average of $29.50. The company has a market cap of $503.17 million, a price-to-earnings ratio of 10.41 and a beta of 0.57.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.71. Mid Penn Bancorp had a return on equity of 8.43% and a net margin of 15.99%. As a group, analysts forecast that Mid Penn Bancorp, Inc. will post 3 earnings per share for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, February 7th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Friday, February 7th. Mid Penn Bancorp’s payout ratio is presently 27.59%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Piper Sandler boosted their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. 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 research note on Tuesday, October 29th.

Hedge Funds Weigh In On Mid Penn Bancorp

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in Mid Penn Bancorp by 14.3% during the 3rd quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after purchasing an additional 79,851 shares in the last quarter. Geode Capital Management LLC raised its position in Mid Penn Bancorp by 5.3% during the third quarter. Geode Capital Management LLC now owns 350,375 shares of the financial services provider’s stock valued at $10,454,000 after purchasing an additional 17,730 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Mid Penn Bancorp during the third quarter worth $542,000. Jane Street Group LLC grew its stake 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 worth $661,000 after buying an additional 9,324 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Mid Penn Bancorp by 61.3% in the third quarter. Barclays PLC now owns 36,805 shares of the financial services provider’s stock valued at $1,098,000 after buying an additional 13,986 shares during the period. Institutional investors own 43.11% of the company’s stock.

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.