ClariVest Asset Management LLC Grows Stock Position in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

ClariVest Asset Management LLC raised its position in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 2.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,366 shares of the financial services provider’s stock after acquiring an additional 1,072 shares during the quarter. ClariVest Asset Management LLC owned 0.23% of Mid Penn Bancorp worth $842,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Kennedy Capital Management LLC lifted its stake in shares of Mid Penn Bancorp by 126.4% in the first quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after acquiring an additional 53,650 shares in the last quarter. LSV Asset Management boosted its stake in shares of Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after buying an additional 27,098 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Mid Penn Bancorp by 1.8% during the first quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock worth $13,774,000 after buying an additional 12,314 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Mid Penn Bancorp by 138.5% during the fourth 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 in the last quarter. Finally, BHZ Capital Management LP increased its stake in shares of Mid Penn Bancorp by 53.8% in the fourth quarter. BHZ Capital Management LP now owns 23,739 shares of the financial services provider’s stock worth $576,000 after buying an additional 8,307 shares during the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on MPB. StockNews.com upgraded shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Piper Sandler lifted their price target on Mid Penn Bancorp from $25.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Mid Penn Bancorp Stock Performance

Mid Penn Bancorp stock opened at $28.43 on Thursday. The company has a market cap of $474.47 million, a PE ratio of 12.31 and a beta of 0.58. Mid Penn Bancorp, Inc. has a 12 month low of $18.63 and a 12 month high of $30.51. The company has a fifty day moving average price of $26.96 and a two-hundred day moving average price of $22.88. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.95.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. The business had revenue of $44.10 million during the quarter, compared to the consensus estimate of $41.63 million. Mid Penn Bancorp had a net margin of 15.57% and a return on equity of 7.99%. Research analysts expect that Mid Penn Bancorp, Inc. will post 2.74 earnings per share for the current year.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, August 9th. Mid Penn Bancorp’s payout ratio is 34.63%.

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.