Mid Penn Bancorp (NASDAQ:MPB) Price Target Raised to $37.00

Mid Penn Bancorp (NASDAQ:MPB - Free Report) had its price objective raised by Keefe, Bruyette & Woods from $34.00 to $37.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider's stock.

Several other research analysts have also weighed in on the company. Piper Sandler upped their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday. StockNews.com lowered shares of Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Monday, October 14th.

Mid Penn Bancorp Trading Down 0.4 %

Shares of MPB traded down $0.14 during midday trading on Tuesday, hitting $32.11. The stock had a trading volume of 18,370 shares, compared to its average volume of 34,539. The business has a 50-day simple moving average of $29.82 and a two-hundred day simple moving average of $25.28. The firm has a market cap of $535.88 million, a P/E ratio of 13.90 and a beta of 0.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp has a fifty-two week low of $18.67 and a fifty-two week high of $32.59.

Mid Penn Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.49%. Mid Penn Bancorp's dividend payout ratio is 34.63%.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of hedge funds have recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. raised its holdings in Mid Penn Bancorp by 5,438.1% during the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,142 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Mid Penn Bancorp in the 3rd quarter worth approximately $163,000. New Wave Wealth Advisors LLC bought a new stake in Mid Penn Bancorp during the second quarter worth approximately $278,000. Squarepoint Ops LLC bought a new position in shares of Mid Penn Bancorp in the second quarter valued at approximately $282,000. Finally, Heritage Oak Wealth Advisors LLC bought a new position in shares of Mid Penn Bancorp in the third quarter valued at approximately $378,000. Institutional investors and hedge funds own 43.11% of the company's stock.

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.