Mid Penn Bancorp (NASDAQ:MPB) Sets New 52-Week High Following Analyst Upgrade

Mid Penn Bancorp, Inc. (NASDAQ:MPB - Get Free Report) reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $31.00 to $35.00. Piper Sandler currently has an overweight rating on the stock. Mid Penn Bancorp traded as high as $32.16 and last traded at $32.16, with a volume of 9652 shares changing hands. The stock had previously closed at $31.09.

Separately, StockNews.com lowered Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Monday, October 14th.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MPB. McClarren Financial Advisors Inc. lifted its holdings 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 purchasing an additional 1,142 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Mid Penn Bancorp in the third quarter valued at approximately $163,000. New Wave Wealth Advisors LLC acquired a new position in shares of Mid Penn Bancorp in the 2nd quarter valued at $278,000. Heritage Oak Wealth Advisors LLC purchased a new stake in Mid Penn Bancorp in the 3rd quarter valued at $378,000. Finally, Squarepoint Ops LLC acquired a new stake in Mid Penn Bancorp during the 2nd quarter worth $282,000. 43.11% of the stock is owned by institutional investors and hedge funds.

Mid Penn Bancorp Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $538.22 million, a PE ratio of 13.78 and a beta of 0.58. The company's 50-day simple moving average is $29.66 and its 200-day simple moving average is $25.11.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.48%. Mid Penn Bancorp's dividend payout ratio (DPR) is 34.63%.

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.