Mid Penn Bancorp (NASDAQ:MPB) PT Raised to $31.00

Mid Penn Bancorp (NASDAQ:MPB) had its target price boosted by Piper Sandler from $25.00 to $31.00 in a report published on Monday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Separately, StockNews.com raised Mid Penn Bancorp from a hold rating to a buy rating in a research report on Friday, May 10th.

Mid Penn Bancorp Stock Up 2.3 %

NASDAQ:MPB opened at $29.65 on Monday. The firm has a market capitalization of $494.86 million, a price-to-earnings ratio of 12.84 and a beta of 0.59. Mid Penn Bancorp has a 1-year low of $18.63 and a 1-year high of $29.84. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average price is $22.72 and its 200 day moving average price is $21.58.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Friday, August 9th will be paid a $0.20 dividend. The ex-dividend date is Friday, August 9th. This represents a $0.80 dividend on an annualized basis and a yield of 2.70%. Mid Penn Bancorp’s dividend payout ratio (DPR) is currently 34.63%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MPB. Kennedy Capital Management LLC grew its stake in 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 valued at $1,923,000 after purchasing an additional 53,650 shares in the last quarter. LSV Asset Management grew its stake in Mid Penn Bancorp by 11.1% in the first quarter. LSV Asset Management now owns 128,961 shares of the financial services provider’s stock valued at $2,581,000 after purchasing an additional 12,883 shares in the last quarter. Vanguard Group Inc. grew its stake in Mid Penn Bancorp by 1.8% in the first quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock valued at $13,774,000 after purchasing an additional 12,314 shares in the last quarter. Grace & White Inc. NY grew its stake in Mid Penn Bancorp by 75.0% in the fourth quarter. Grace & White Inc. NY now owns 21,103 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 9,042 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Mid Penn Bancorp by 138.5% in the fourth quarter. BNP Paribas Financial Markets now owns 14,713 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 8,545 shares in the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

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.