Connor Clark & Lunn Investment Management Ltd. Buys Shares of 18,176 Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 18,176 shares of the financial services provider's stock, valued at approximately $542,000. Connor Clark & Lunn Investment Management Ltd. owned 0.11% of Mid Penn Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MPB. McClarren Financial Advisors Inc. grew its position in Mid Penn Bancorp by 5,438.1% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,142 shares during the period. SG Americas Securities LLC acquired a new stake in Mid Penn Bancorp during the third quarter worth about $163,000. Cornercap Investment Counsel Inc. purchased a new position in Mid Penn Bancorp during the third quarter valued at approximately $263,000. Thrivent Financial for Lutherans purchased a new position in Mid Penn Bancorp during the third quarter valued at approximately $272,000. Finally, New Wave Wealth Advisors LLC acquired a new position in Mid Penn Bancorp in the second quarter valued at approximately $278,000. Institutional investors and hedge funds own 43.11% of the company's stock.

Mid Penn Bancorp Price Performance

Shares of MPB stock traded down $0.02 during trading hours on Friday, hitting $32.05. 33,524 shares of the company's stock were exchanged, compared to its average volume of 40,185. Mid Penn Bancorp, Inc. has a fifty-two week low of $19.20 and a fifty-two week high of $33.87. The firm has a market cap of $532.67 million, a P/E ratio of 11.01 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $30.99 and a two-hundred day moving average of $27.04.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp's dividend payout ratio is presently 27.49%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MPB. Piper Sandler lifted their target price on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Finally, StockNews.com downgraded shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Monday, October 14th.

Insider Buying and Selling at Mid Penn Bancorp

In other news, Director Albert J. Evans acquired 8,474 shares of Mid Penn Bancorp stock in a transaction that occurred on Friday, November 1st. The stock was purchased at an average cost 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 $1,024,004. This trade represents a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 9,669 shares of company stock valued at $285,241 over the last ninety days. Corporate insiders own 10.70% of the company's stock.

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.