Mid Penn Bancorp (NASDAQ:MPB) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a buy rating in a research note released on Wednesday.

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

Mid Penn Bancorp Price Performance

Shares of NASDAQ MPB opened at $21.32 on Wednesday. Mid Penn Bancorp has a fifty-two week low of $18.25 and a fifty-two week high of $25.92. The business has a fifty day moving average price of $20.23 and a two-hundred day moving average price of $21.31. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $353.27 million, a PE ratio of 9.23 and a beta of 0.56.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 27th. Investors of record on Friday, May 10th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.75%. Mid Penn Bancorp’s dividend payout ratio is currently 34.63%.

Insider Buying and Selling

In other news, Director Theodore W. Mowery acquired 2,000 shares of Mid Penn Bancorp stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the transaction, the director now directly owns 31,540 shares of the company’s stock, valued at approximately $644,046.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Theodore W. Mowery acquired 2,000 shares of Mid Penn Bancorp stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the transaction, the director now directly owns 31,540 shares of the company’s stock, valued at approximately $644,046.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Soto Matthew G. De acquired 9,615 shares of Mid Penn Bancorp stock in a transaction that occurred on Monday, April 29th. The shares were purchased at an average price of $20.76 per share, for a total transaction of $199,607.40. Following the transaction, the director now directly owns 79,190 shares in the company, valued at $1,643,984.40. The disclosure for this purchase can be found here. Insiders have bought 13,223 shares of company stock worth $273,830 in the last 90 days. Insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MPB. SG Americas Securities LLC acquired a new position in Mid Penn Bancorp during the 3rd quarter worth about $141,000. Trexquant Investment LP acquired a new position in shares of Mid Penn Bancorp in the 3rd quarter valued at about $348,000. BNP Paribas Financial Markets raised its stake in Mid Penn Bancorp by 138.5% during the 4th quarter. BNP Paribas Financial Markets now owns 14,713 shares of the financial services provider’s stock worth $357,000 after buying an additional 8,545 shares during the period. Summit Trail Advisors LLC raised its stake in Mid Penn Bancorp by 20.7% during the 4th quarter. Summit Trail Advisors LLC now owns 15,149 shares of the financial services provider’s stock worth $368,000 after buying an additional 2,601 shares during the period. Finally, Bailard Inc. acquired a new position in Mid Penn Bancorp during the 3rd quarter worth approximately $371,000. 43.11% of the stock is owned by institutional investors and hedge funds.

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.