Mid Penn Bancorp (NASDAQ:MPB) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.08 and traded as high as $29.49. Mid Penn Bancorp shares last traded at $29.35, with a volume of 68,176 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th. Piper Sandler upped their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upped 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.

Mid Penn Bancorp Stock Performance

The firm has a fifty day simple moving average of $31.42 and a 200 day simple moving average of $28.20. 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 stock has a market cap of $491.62 million, a price-to-earnings ratio of 10.16 and a beta of 0.56.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were paid a $0.20 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.70%. Mid Penn Bancorp’s dividend payout ratio is currently 27.49%.

Insider Activity

In other Mid Penn Bancorp news, Director Albert J. Evans purchased 8,474 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the transaction, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. The trade was a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders have purchased 9,678 shares of company stock worth $285,527. Company insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Mid Penn Bancorp by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock valued at $490,000 after purchasing an additional 877 shares during the period. ClariVest Asset Management LLC raised its stake in Mid Penn Bancorp by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider’s stock worth $842,000 after buying an additional 1,072 shares during the period. McClarren Financial Advisors Inc. raised its stake in 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 worth $34,000 after buying an additional 1,142 shares during the period. Empowered Funds LLC raised its stake in Mid Penn Bancorp by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 35,350 shares of the financial services provider’s stock worth $1,054,000 after buying an additional 1,742 shares during the period. Finally, Martingale Asset Management L P raised its stake in Mid Penn Bancorp by 12.0% during the 3rd quarter. Martingale Asset Management L P now owns 42,502 shares of the financial services provider’s stock worth $1,268,000 after buying an additional 4,550 shares during the period. Institutional investors and hedge funds 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.