Mid Penn Bancorp (NASDAQ:MPB) Short Interest Update

Mid Penn Bancorp (NASDAQ:MPB) was the recipient of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 566,449 shares, a decline of 37.2% from the February 26th total of 901,914 shares. Currently, 2.7% of the company’s shares are short sold. Based on an average daily volume of 149,945 shares, the days-to-cover ratio is presently 3.8 days.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Thomas R. Brugger purchased 818 shares of the stock in a transaction dated Friday, March 6th. The stock was bought at an average price of $31.35 per share, for a total transaction of $25,644.30. Following the transaction, the director directly owned 6,110 shares in the company, valued at $191,548.50. This represents a 15.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Soto Matthew G. De acquired 1,618 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was acquired at an average price of $30.87 per share, for a total transaction of $49,947.66. Following the completion of the acquisition, the director directly owned 114,915 shares of the company’s stock, valued at $3,547,426.05. This trade represents a 1.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 3,408 shares of company stock worth $105,578. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MPB. State of Alaska Department of Revenue bought a new position in shares of Mid Penn Bancorp in the third quarter valued at $26,000. Legal & General Group Plc lifted its stake in Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 493 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in Mid Penn Bancorp by 35.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,055 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 540 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Mid Penn Bancorp by 416.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 2,664 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Mid Penn Bancorp during the 3rd quarter worth about $121,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

Wall Street Analyst Weigh In

MPB has been the subject of a number of research analyst reports. Wall Street Zen cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Weiss Ratings raised Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.00.

Mid Penn Bancorp Stock Down 0.9%

Shares of NASDAQ:MPB traded down $0.30 during midday trading on Friday, reaching $31.35. 108,107 shares of the company were exchanged, compared to its average volume of 150,574. The firm has a market cap of $726.69 million, a PE ratio of 12.29 and a beta of 0.55. Mid Penn Bancorp has a fifty-two week low of $22.50 and a fifty-two week high of $35.22. The stock has a fifty day simple moving average of $32.61 and a two-hundred day simple moving average of $30.85. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.03.

Mid Penn Bancorp (NASDAQ:MPB) last announced its earnings results on Wednesday, January 21st. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.64%. The firm had revenue of $61.52 million during the quarter, compared to analyst estimates of $62.65 million. As a group, sell-side analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a special dividend, which was paid on Tuesday, February 17th. Investors of record on Friday, February 6th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, February 6th. This represents a dividend yield of 254.0%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 34.51%.

About Mid Penn Bancorp

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.