Mid Penn Bancorp, Inc. (NASDAQ:MPB) Position Trimmed by Banc Funds Co. LLC

Banc Funds Co. LLC lessened its holdings in Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) by 21.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,552 shares of the financial services provider's stock after selling 97,275 shares during the quarter. Banc Funds Co. LLC owned 2.18% of Mid Penn Bancorp worth $10,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in MPB. LSV Asset Management raised its position in shares of Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider's stock worth $3,425,000 after purchasing an additional 27,098 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Mid Penn Bancorp by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider's stock valued at $13,774,000 after buying an additional 12,314 shares during the period. Rhumbline Advisers grew its stake in shares of Mid Penn Bancorp by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider's stock valued at $490,000 after buying an additional 877 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Mid Penn Bancorp by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider's stock valued at $9,195,000 after buying an additional 31,292 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Mid Penn Bancorp by 7.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider's stock valued at $1,595,000 after buying an additional 5,153 shares during the period. Hedge funds and other institutional investors own 43.11% of the company's stock.

Insider Buying and Selling

In related news, Director Albert J. Evans bought 8,474 shares of the stock in a transaction on Friday, November 1st. The shares were purchased at an average price of $29.50 per share, with a total value of $249,983.00. Following the purchase, the director now owns 34,712 shares in the company, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired a total of 9,669 shares of company stock worth $285,241 over the last quarter. 10.70% of the stock is owned by company insiders.

Analyst Ratings Changes

MPB has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. StockNews.com cut shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research note on Monday, October 14th. Finally, Piper Sandler upped their price target on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th.

Mid Penn Bancorp Stock Up 1.3 %

NASDAQ:MPB traded up $0.41 on Monday, reaching $32.46. The stock had a trading volume of 25,000 shares, compared to its average volume of 40,117. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average of $30.99 and a 200 day moving average of $27.08. The stock has a market cap of $539.49 million, a P/E ratio of 11.01 and a beta of 0.57. Mid Penn Bancorp, Inc. has a 12-month low of $19.20 and a 12-month high of $33.87.

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.46%. Mid Penn Bancorp's dividend payout ratio (DPR) is presently 27.49%.

Mid Penn Bancorp 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.