Hotchkis & Wiley Capital Management LLC Purchases New Position in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 36,150 shares of the financial services provider's stock, valued at approximately $1,078,000. Hotchkis & Wiley Capital Management LLC owned about 0.22% of Mid Penn Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Martingale Asset Management L P boosted its position in shares of Mid Penn Bancorp by 12.0% during the 3rd quarter. Martingale Asset Management L P now owns 42,502 shares of the financial services provider's stock valued at $1,268,000 after acquiring an additional 4,550 shares during the last quarter. De Lisle Partners LLP raised its stake in Mid Penn Bancorp by 14.6% during the third quarter. De Lisle Partners LLP now owns 61,263 shares of the financial services provider's stock worth $1,826,000 after purchasing an additional 7,787 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Mid Penn Bancorp during the third quarter worth about $542,000. Segall Bryant & Hamill LLC acquired a new position in Mid Penn Bancorp in the 3rd quarter valued at about $1,626,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of Mid Penn Bancorp in the 3rd quarter valued at approximately $272,000. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Albert J. Evans acquired 8,474 shares of the stock in a transaction dated Friday, November 1st. The stock was acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the completion of the transaction, the director now owns 34,712 shares in the company, valued at $1,024,004. This represents a 32.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders acquired 9,678 shares of company stock valued at $285,527. 10.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. StockNews.com cut Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Monday, October 14th. Keefe, Bruyette & Woods increased their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Finally, Piper Sandler boosted their price objective 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.

Mid Penn Bancorp Trading Down 0.7 %

Shares of MPB traded down $0.23 during midday trading on Friday, hitting $31.16. 44,670 shares of the stock were exchanged, compared to its average volume of 60,299. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market cap of $517.88 million, a P/E ratio of 10.71 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 52-week low of $19.20 and a 52-week high of $33.87. The stock has a fifty day simple moving average of $31.19 and a 200 day simple moving average of $27.39.

Mid Penn Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.57%. Mid Penn Bancorp's dividend payout ratio (DPR) is presently 27.49%.

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.