Mid Penn Bancorp (NASDAQ:MPB) Stock Crosses Above 200-Day Moving Average – What’s Next?

Shares of Mid Penn Bancorp (NASDAQ:MPB) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.01 and traded as high as $32.90. Mid Penn Bancorp shares last traded at $32.79, with a volume of 73,763 shares traded.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Mid Penn Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Mid Penn Bancorp Stock Up 0.3%

The company has a market cap of $830.90 million, a PE ratio of 14.90 and a beta of 0.49. The stock’s 50 day moving average is $32.65 and its 200-day moving average is $32.01.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). The business had revenue of $64.85 million for the quarter, compared to analysts’ expectations of $63.15 million. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a dividend of $0.22 per share. The ex-dividend date was Monday, May 4th. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. Mid Penn Bancorp’s payout ratio is 40.00%.

Insiders Place Their Bets

In other news, Director Soto Matthew G. De acquired 1,618 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $30.87 per share, for a total transaction of $49,947.66. Following the completion of the transaction, the director directly owned 114,915 shares of the company’s stock, valued at approximately $3,547,426.05. The trade was a 1.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Brugger acquired 818 shares of the business’s stock in a transaction on Friday, March 6th. The shares were purchased at an average price of $31.35 per share, for a total transaction of $25,644.30. Following the transaction, the director directly owned 6,110 shares of the company’s stock, valued at approximately $191,548.50. The trade was a 15.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 4,933 shares of company stock worth $155,522 in the last quarter. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MPB. AQR Capital Management LLC increased its position in Mid Penn Bancorp by 107.5% during the first quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 11,774 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Mid Penn Bancorp by 21.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 1,796 shares during the last quarter. Empowered Funds LLC increased its position in Mid Penn Bancorp by 55.2% during the first quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider’s stock valued at $1,490,000 after acquiring an additional 20,442 shares during the last quarter. Legal & General Group Plc increased its position in Mid Penn Bancorp by 35.6% during the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 493 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Mid Penn Bancorp by 19.5% during the second quarter. Rhumbline Advisers now owns 28,696 shares of the financial services provider’s stock valued at $809,000 after acquiring an additional 4,677 shares during the last quarter. Institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.