Geode Capital Management LLC Grows Holdings in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Geode Capital Management LLC raised its holdings in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) by 5.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 350,375 shares of the financial services provider's stock after purchasing an additional 17,730 shares during the period. Geode Capital Management LLC owned 2.11% of Mid Penn Bancorp worth $10,454,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. McClarren Financial Advisors Inc. raised its position in shares of Mid Penn Bancorp by 5,438.1% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 1,142 shares during the period. SG Americas Securities LLC bought a new stake in shares of Mid Penn Bancorp in the third quarter worth about $163,000. Cornercap Investment Counsel Inc. acquired a new stake in shares of Mid Penn Bancorp during the third quarter worth about $263,000. Thrivent Financial for Lutherans bought a new position in shares of Mid Penn Bancorp during the 3rd quarter valued at about $272,000. Finally, New Wave Wealth Advisors LLC bought a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at about $278,000. Institutional investors and hedge funds own 43.11% of the company's stock.

Mid Penn Bancorp Stock Performance

Shares of MPB stock remained flat at $28.84 during midday trading on Wednesday. 33,249 shares of the company traded hands, compared to its average volume of 42,356. The stock has a market cap of $479.32 million, a price-to-earnings ratio of 9.91 and a beta of 0.56. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp, Inc. has a 1-year low of $19.20 and a 1-year high of $33.87. The firm has a 50 day moving average price of $31.17 and a 200 day moving average price of $28.51.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.77%. Mid Penn Bancorp's dividend payout ratio is presently 27.49%.

Analysts Set New Price Targets

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

Insider Activity at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Albert J. Evans acquired 8,474 shares of Mid Penn Bancorp stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the completion of the purchase, the director now directly owns 34,712 shares of the company's stock, valued at $1,024,004. This represents a 32.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders purchased 9,661 shares of company stock worth $285,020. Company insiders own 10.70% of the company's stock.

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.