Mid Penn Bancorp (NASDAQ:MPB) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Mid Penn Bancorp (NASDAQ:MPB)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $28.43 and traded as high as $29.66. Mid Penn Bancorp shares last traded at $28.85, with a volume of 65,504 shares traded.

Analyst Ratings Changes

MPB has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their target price on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Mid Penn Bancorp Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average price of $29.19 and a 200 day moving average price of $28.47. The firm has a market cap of $664.67 million, a PE ratio of 11.84 and a beta of 0.65.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Tuesday, September 20th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter. The business had revenue of $32.43 million for the quarter. Mid Penn Bancorp had a net margin of 14.82% and a return on equity of 8.54%. As a group, equities research analysts expect that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Mid Penn Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, November 10th. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. Mid Penn Bancorp’s payout ratio is presently 36.07%.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MPB. State of Alaska Department of Revenue purchased a new stake in Mid Penn Bancorp during the 3rd quarter worth about $26,000. Legal & General Group Plc grew its position in shares of Mid Penn Bancorp by 35.6% during the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock worth $53,000 after buying an additional 493 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Mid Penn Bancorp by 35.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,055 shares of the financial services provider’s stock worth $58,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC raised its holdings in Mid Penn Bancorp by 416.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 2,664 shares in the last quarter. Finally, Palouse Capital Management Inc. acquired a new stake in Mid Penn Bancorp in the second quarter valued at approximately $96,000. 43.11% of the stock is currently 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.