Mid Penn Bancorp (NASDAQ:MPB) Reaches New 52-Week High on Analyst Upgrade

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s share price reached a new 52-week high on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $34.00 to $37.00. Keefe, Bruyette & Woods currently has an outperform 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 trading hands. The stock had previously closed at $31.09.

Several other equities analysts have also issued reports on the stock. StockNews.com lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th. Piper Sandler upped their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday.

Institutional Trading of Mid Penn Bancorp

Institutional investors have recently modified their holdings of the company. Kennedy Capital Management LLC boosted its position in shares of Mid Penn Bancorp by 126.4% in the 1st quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after purchasing an additional 53,650 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Mid Penn Bancorp by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after acquiring an additional 31,292 shares in the last quarter. LSV Asset Management boosted its holdings in Mid Penn Bancorp by 21.0% in the second quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock worth $3,425,000 after acquiring an additional 27,098 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Mid Penn Bancorp during the second quarter worth about $282,000. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Mid Penn Bancorp during the second quarter valued at about $278,000. 43.11% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Stock Down 0.4 %

The company’s 50-day moving average is $29.82 and its 200 day moving average is $25.28. The stock has a market capitalization of $535.88 million, a PE ratio of 13.90 and a beta of 0.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be paid 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 dividend yield of 2.49%. Mid Penn Bancorp’s payout ratio is currently 34.63%.

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.