State Street Corp Purchases 14,148 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB)

State Street Corp increased its stake in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 4.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 302,384 shares of the financial services provider’s stock after purchasing an additional 14,148 shares during the period. State Street Corp’s holdings in Mid Penn Bancorp were worth $9,020,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. McClarren Financial Advisors Inc. lifted its position in shares of Mid Penn Bancorp by 5,438.1% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,142 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Mid Penn Bancorp in the third quarter valued at about $163,000. Cornercap Investment Counsel Inc. purchased a new stake in shares of Mid Penn Bancorp during the third quarter worth about $263,000. Thrivent Financial for Lutherans bought a new stake in Mid Penn Bancorp during the 3rd quarter valued at approximately $272,000. Finally, Heritage Oak Wealth Advisors LLC bought a new stake in shares of Mid Penn Bancorp during the third quarter valued at approximately $378,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MPB shares. Keefe, Bruyette & Woods raised their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Piper Sandler increased their price target on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

Insiders Place Their Bets

In related news, Director Albert J. Evans bought 8,474 shares of the company’s stock in a transaction on Friday, November 1st. The shares were bought at an average price of $29.50 per share, with a total value of $249,983.00. Following the transaction, the director now owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have bought 9,678 shares of company stock valued at $285,527. 10.70% of the stock is currently owned by insiders.

Mid Penn Bancorp Trading Down 0.4 %

MPB opened at $29.47 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. The firm has a market cap of $489.79 million, a price-to-earnings ratio of 10.13 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 12 month low of $19.20 and a 12 month high of $33.87. The stock has a fifty day moving average price of $31.33 and a 200-day moving average price of $28.22.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.71%. Mid Penn Bancorp’s payout ratio is 27.49%.

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.