Mid Penn Bancorp (NASDAQ:MPB) Stock Crosses Below 200-Day Moving Average - Here's Why

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB - Get Free Report) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $28.98 and traded as low as $26.89. Mid Penn Bancorp shares last traded at $27.64, with a volume of 56,466 shares changing hands.

Analyst Upgrades and Downgrades

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

Mid Penn Bancorp Stock Up 3.0 %

The stock has a market cap of $473.34 million, a price-to-earnings ratio of 9.79 and a beta of 0.57. The firm's fifty day moving average price is $30.61 and its two-hundred day moving average price is $28.98. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders 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 dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, November 8th. Mid Penn Bancorp's payout ratio is 27.49%.

Insider Activity at Mid Penn Bancorp

In other news, Director Albert J. Evans bought 8,474 shares of the stock in a transaction dated Friday, November 1st. The stock was bought at an average price of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the acquisition, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders acquired 9,678 shares of company stock valued at $285,510. 10.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors have recently modified their holdings of MPB. Wellington Management Group LLP grew its stake 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 valued at $19,049,000 after purchasing an additional 79,851 shares during the period. Dimensional Fund Advisors LP raised its stake in Mid Penn Bancorp by 8.1% in 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 acquiring an additional 31,292 shares during the period. Geode Capital Management LLC boosted its holdings in Mid Penn Bancorp by 5.3% in the 3rd 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. State Street Corp boosted its holdings in shares of Mid Penn Bancorp by 4.9% in the third quarter. State Street Corp now owns 302,384 shares of the financial services provider's stock worth $9,020,000 after acquiring an additional 14,148 shares during the period. Finally, American Century Companies Inc. grew its holdings in Mid Penn Bancorp by 8.8% during the 2nd quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider's stock valued at $3,170,000 after buying an additional 11,731 shares in the last quarter. 43.11% of the stock is owned by institutional investors.

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.