Mid Penn Bancorp (NASDAQ:MPB) Price Target Raised to $35.00

Mid Penn Bancorp (NASDAQ:MPB) had its target price raised by Piper Sandler from $31.00 to $35.00 in a research note released on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Separately, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th.

Mid Penn Bancorp Stock Performance

NASDAQ:MPB opened at $31.88 on Monday. The stock has a market capitalization of $532.05 million, a P/E ratio of 13.80 and a beta of 0.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp has a 1 year low of $18.75 and a 1 year high of $32.86. The firm has a 50 day moving average of $29.90 and a 200-day moving average of $25.33.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.51%. Mid Penn Bancorp’s dividend payout ratio is currently 34.63%.

Hedge Funds Weigh In On Mid Penn Bancorp

Large investors have recently bought and sold shares of the company. Kennedy Capital Management LLC increased its holdings in Mid Penn Bancorp by 126.4% during the first quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after buying an additional 53,650 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Mid Penn Bancorp by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock valued at $9,195,000 after acquiring an additional 31,292 shares during the period. LSV Asset Management raised its holdings in shares of Mid Penn Bancorp by 21.0% in the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after purchasing an additional 27,098 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at about $282,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in Mid Penn Bancorp in the 2nd quarter valued at about $278,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.