Mid Penn Bancorp (NASDAQ:MPB) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) passed 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. Finally, Piper Sandler increased their target price on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, October 28th.

Mid Penn Bancorp Stock Up 1.7 %

The company has a market capitalization of $481.15 million, a price-to-earnings ratio of 9.95 and a beta of 0.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. The firm’s fifty day moving average price is $30.56 and its 200-day moving average price is $29.03.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were given a dividend of $0.20 per share. The ex-dividend date was Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.76%. Mid Penn Bancorp’s dividend payout ratio is presently 27.49%.

Insiders Place Their Bets

In related news, Director Albert J. Evans acquired 8,474 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the acquisition, the director now directly owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have acquired 9,678 shares of company stock valued at $285,510 in the last ninety days. 10.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of institutional investors have recently made changes to their positions in MPB. Wellington Management Group LLP raised its position in shares of Mid Penn Bancorp by 14.3% during the third quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after acquiring an additional 79,851 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Mid Penn Bancorp by 8.1% during 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. Geode Capital Management LLC raised its holdings in Mid Penn Bancorp by 5.3% during the 3rd quarter. Geode Capital Management LLC now owns 350,375 shares of the financial services provider’s stock worth $10,454,000 after purchasing an additional 17,730 shares during the last quarter. State Street Corp lifted its position in shares of Mid Penn Bancorp by 4.9% in the 3rd quarter. State Street Corp now owns 302,384 shares of the financial services provider’s stock worth $9,020,000 after purchasing an additional 14,148 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Mid Penn Bancorp by 8.8% in the 2nd quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock valued at $3,170,000 after purchasing an additional 11,731 shares during the last quarter. 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.