Mid Penn Bancorp (NASDAQ:MPB) Hits New 1-Year High After Analyst Upgrade

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) hit a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $31.00 to $35.00. Piper Sandler currently has an overweight rating on the stock. Mid Penn Bancorp traded as high as $32.16 and last traded at $32.16, with a volume of 9652 shares. The stock had previously closed at $31.09.

Separately, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MPB. McClarren Financial Advisors Inc. boosted its holdings in Mid Penn Bancorp by 5,438.1% in the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,142 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Mid Penn Bancorp during the third quarter worth about $163,000. New Wave Wealth Advisors LLC purchased a new position in Mid Penn Bancorp during the second quarter valued at approximately $278,000. Squarepoint Ops LLC acquired a new position in Mid Penn Bancorp in the second quarter valued at approximately $282,000. Finally, Heritage Oak Wealth Advisors LLC purchased a new stake in Mid Penn Bancorp in the 3rd quarter worth approximately $378,000. 43.11% of the stock is owned by institutional investors and hedge funds.

Mid Penn Bancorp Stock Up 3.4 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $536.72 million, a price-to-earnings ratio of 13.78 and a beta of 0.58. The business’s 50 day moving average price is $29.66 and its 200 day moving average price is $25.11.

Mid Penn Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.49%. Mid Penn Bancorp’s dividend payout ratio is presently 34.63%.

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.