Mid Penn Bancorp (NASDAQ:MPB) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Mid Penn Bancorp (NASDAQ:MPB) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.75 and traded as high as $32.29. Mid Penn Bancorp shares last traded at $31.74, with a volume of 144,915 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MPB shares. Wall Street Zen cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Weiss Ratings cut shares of Mid Penn Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Mid Penn Bancorp presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Mid Penn Bancorp Stock Performance

The company has a market cap of $804.29 million, a price-to-earnings ratio of 14.43 and a beta of 0.49. The business’s 50 day moving average price is $32.57 and its 200-day moving average price is $31.75.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings data 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). Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The business had revenue of $64.85 million during the quarter, compared to analyst estimates of $63.15 million.

Mid Penn Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Monday, May 4th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.8%. Mid Penn Bancorp’s dividend payout ratio is presently 40.00%.

Insider Activity

In other news, Director Soto Matthew G. De bought 1,525 shares of the stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $32.75 per share, with a total value of $49,943.75. Following the acquisition, the director owned 118,696 shares in the company, valued at $3,887,294. This trade represents a 1.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Brugger bought 818 shares of the stock in a transaction dated Friday, March 6th. The stock was purchased at an average cost of $31.35 per share, for a total transaction of $25,644.30. Following the acquisition, the director owned 6,110 shares in the company, valued at $191,548.50. The trade was a 15.46% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 4,933 shares of company stock worth $155,522. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Several large investors have recently made changes to their positions in MPB. Wellington Management Group LLP grew its holdings in shares of Mid Penn Bancorp by 25.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,224,513 shares of the financial services provider’s stock worth $63,710,000 after purchasing an additional 450,909 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider’s stock worth $22,972,000 after purchasing an additional 405,316 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Mid Penn Bancorp by 280,843.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 134,853 shares of the financial services provider’s stock worth $4,337,000 after purchasing an additional 134,805 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Mid Penn Bancorp by 1,238.5% in the 3rd quarter. Franklin Resources Inc. now owns 126,056 shares of the financial services provider’s stock worth $3,610,000 after purchasing an additional 116,638 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Mid Penn Bancorp by 11.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 748,196 shares of the financial services provider’s stock worth $24,061,000 after purchasing an additional 79,569 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.