Mid Penn Bancorp (NASDAQ:MPB) Shares Pass Below 200-Day Moving Average – What’s Next?

Mid Penn Bancorp, Inc. (NASDAQ:MPB) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.98 and traded as low as $26.89. Mid Penn Bancorp shares last traded at $27.64, with a volume of 56,466 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MPB. Keefe, Bruyette & Woods boosted their price target on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. Finally, Piper Sandler boosted their price target on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th.

Mid Penn Bancorp Stock Up 1.9 %

The firm has a market cap of $459.38 million, a PE ratio of 9.50 and a beta of 0.57. 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 50 day moving average price of $30.61 and a 200-day moving average price of $28.98.

Mid Penn Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Albert J. Evans purchased 8,474 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was bought at an average cost of $29.50 per share, with a total value of $249,983.00. Following the acquisition, the director now directly owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have bought 9,678 shares of company stock valued at $285,510. Insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MPB. Wellington Management Group LLP lifted its position in Mid Penn Bancorp by 14.3% in the third quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock valued at $19,049,000 after acquiring an additional 79,851 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Mid Penn Bancorp during the third quarter worth about $1,626,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Mid Penn Bancorp in the 3rd quarter valued at about $1,078,000. Dimensional Fund Advisors LP boosted 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 purchasing an additional 31,292 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Mid Penn Bancorp during the 3rd quarter worth approximately $542,000. Hedge funds and other institutional investors 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.