Mid Penn Bancorp (NASDAQ:MPB) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a buy rating in a report issued on Wednesday morning.

A number of other equities analysts have also commented on MPB. TheStreet lowered Mid Penn Bancorp from a b rating to a c+ rating in a research note on Tuesday, February 13th. Piper Sandler reduced their price objective on Mid Penn Bancorp from $27.00 to $26.00 and set an overweight rating on the stock in a research note on Thursday, February 1st.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ:MPB opened at $20.80 on Wednesday. The business’s fifty day moving average price is $20.22 and its two-hundred day moving average price is $21.31. Mid Penn Bancorp has a fifty-two week low of $18.25 and a fifty-two week high of $25.92. The stock has a market capitalization of $344.66 million, a price-to-earnings ratio of 9.00 and a beta of 0.57. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.94 and a quick ratio of 0.94.

Mid Penn Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 27th. Investors of record on Friday, May 10th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, May 9th. Mid Penn Bancorp’s dividend payout ratio is 34.63%.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Theodore W. Mowery bought 2,000 shares of Mid Penn Bancorp stock in a transaction dated Friday, March 15th. The shares were bought at an average price of $20.42 per share, with a total value of $40,840.00. Following the purchase, the director now owns 31,540 shares of the company’s stock, valued at $644,046.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 9,615 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was acquired at an average cost of $20.76 per share, with a total value of $199,607.40. Following the completion of the purchase, the director now directly owns 79,190 shares in the company, valued at approximately $1,643,984.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Theodore W. Mowery purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average cost of $20.42 per share, with a total value of $40,840.00. Following the completion of the purchase, the director now owns 31,540 shares of the company’s stock, valued at $644,046.80. The disclosure for this purchase can be found here. In the last three months, insiders bought 13,223 shares of company stock valued at $273,830. 9.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Several large investors have recently bought and sold shares of MPB. SG Americas Securities LLC boosted its holdings in shares of Mid Penn Bancorp by 15.0% in the fourth quarter. SG Americas Securities LLC now owns 8,052 shares of the financial services provider’s stock valued at $196,000 after buying an additional 1,050 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Mid Penn Bancorp by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 92,565 shares of the financial services provider’s stock valued at $1,863,000 after buying an additional 1,176 shares during the period. LSV Asset Management boosted its holdings in shares of Mid Penn Bancorp by 1.3% in the fourth quarter. LSV Asset Management now owns 116,078 shares of the financial services provider’s stock valued at $2,818,000 after buying an additional 1,500 shares during the period. Endeavour Capital Advisors Inc. boosted its holdings in shares of Mid Penn Bancorp by 2.0% in the third quarter. Endeavour Capital Advisors Inc. now owns 110,187 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 2,136 shares during the period. Finally, Wharton Business Group LLC boosted its holdings in shares of Mid Penn Bancorp by 3.1% in the third quarter. Wharton Business Group LLC now owns 78,331 shares of the financial services provider’s stock valued at $1,577,000 after buying an additional 2,355 shares during the period. 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.