Mid Penn Bancorp, Inc. (NASDAQ:MPB) Stock Position Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) by 28.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,542 shares of the financial services provider's stock after buying an additional 14,009 shares during the period. JPMorgan Chase & Co. owned about 0.38% of Mid Penn Bancorp worth $1,866,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. acquired a new position in Mid Penn Bancorp during the third quarter worth approximately $285,000. Barclays PLC lifted its stake in shares of Mid Penn Bancorp by 61.3% during the third quarter. Barclays PLC now owns 36,805 shares of the financial services provider's stock worth $1,098,000 after purchasing an additional 13,986 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Mid Penn Bancorp by 5.3% in the third quarter. Geode Capital Management LLC now owns 350,375 shares of the financial services provider's stock worth $10,454,000 after buying an additional 17,730 shares during the period. Jane Street Group LLC lifted its position in Mid Penn Bancorp by 72.7% during the 3rd quarter. Jane Street Group LLC now owns 22,145 shares of the financial services provider's stock worth $661,000 after acquiring an additional 9,324 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Mid Penn Bancorp by 14.3% in the 3rd quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider's stock worth $19,049,000 after acquiring an additional 79,851 shares during the period. Hedge funds and other institutional investors own 43.11% of the company's stock.

Wall Street Analysts Forecast Growth

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

Mid Penn Bancorp Stock Up 1.0 %

Shares of Mid Penn Bancorp stock traded up $0.30 on Thursday, hitting $29.99. 63,909 shares of the company's stock traded hands, compared to its average volume of 67,418. Mid Penn Bancorp, Inc. has a 52-week low of $19.20 and a 52-week high of $33.87. 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 stock has a market cap of $498.43 million, a P/E ratio of 10.30 and a beta of 0.57. The firm's 50-day moving average is $30.19 and its 200 day moving average is $29.29.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.71 EPS for the quarter, meeting analysts' consensus estimates of $0.71. Mid Penn Bancorp had a net margin of 16.06% and a return on equity of 8.34%. Equities analysts anticipate that Mid Penn Bancorp, Inc. will post 2.81 earnings per share for the current year.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, February 7th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.80 annualized dividend and a dividend yield of 2.67%. Mid Penn Bancorp's payout ratio is 27.49%.

Insider Activity

In related news, Director Albert J. Evans bought 8,474 shares of the firm's stock in a transaction on Friday, November 1st. The stock was bought at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the purchase, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. The trade was a 32.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders bought 9,678 shares of company stock worth $285,510. 10.70% of the stock is currently owned by insiders.

About Mid Penn Bancorp

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.