Mid Penn Bancorp (NASDAQ:MPB) Stock Passes Above 200-Day Moving Average – Here’s Why

Mid Penn Bancorp (NASDAQ:MPB)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.29 and traded as high as $34.00. Mid Penn Bancorp shares last traded at $33.92, with a volume of 119,218 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Mid Penn Bancorp Stock Performance

The stock has a market capitalization of $868.15 million, a price-to-earnings ratio of 15.57 and a beta of 0.48. The company has a 50-day moving average of $32.97 and a 200-day moving average of $32.30.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.16). Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.The company had revenue of $64.85 million for the quarter, compared to analyst estimates of $63.15 million.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, May 4th. Mid Penn Bancorp’s payout ratio is currently 40.00%.

Insider Activity

In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 1,525 shares of the business’s stock in a transaction on Monday, May 4th. The stock was bought at an average cost of $32.75 per share, for a total transaction of $49,943.75. Following the acquisition, the director owned 118,696 shares of the company’s stock, valued at approximately $3,887,294. The trade was a 1.30% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 7.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Legal & General Group Plc raised its holdings in Mid Penn Bancorp by 35.6% in the 2nd quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 493 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Mid Penn Bancorp by 416.9% in the 2nd 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 during the last quarter. US Bancorp DE raised its holdings in Mid Penn Bancorp by 4,471.3% in the 3rd quarter. US Bancorp DE now owns 4,937 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 4,829 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 358 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Mid Penn Bancorp by 10.2% in the 1st quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock valued at $176,000 after acquiring an additional 507 shares during the last quarter. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.