Mid Penn Bancorp (NASDAQ:MPB) Stock Passes Below 200 Day Moving Average of $21.59

Mid Penn Bancorp, Inc. (NASDAQ:MPB - Get Free Report)'s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.59 and traded as low as $21.32. Mid Penn Bancorp shares last traded at $21.62, with a volume of 35,829 shares traded.

Analysts Set New Price Targets

MPB has been the topic of several recent research reports. Piper Sandler cut their target price on shares of Mid Penn Bancorp from $27.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, February 1st. StockNews.com raised Mid Penn Bancorp from a "hold" rating to a "buy" rating in a research note on Friday, May 10th. Finally, TheStreet lowered shares of Mid Penn Bancorp from a "b" rating to a "c+" rating in a research note on Tuesday, February 13th.

Mid Penn Bancorp Stock Down 1.9 %

The firm's fifty day moving average price is $20.66 and its two-hundred day moving average price is $21.59. The stock has a market cap of $353.99 million, a price-to-earnings ratio of 9.36 and a beta of 0.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.94 and a quick ratio of 0.94.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. Mid Penn Bancorp had a net margin of 13.89% and a return on equity of 8.08%. The firm had revenue of $42.29 million for the quarter, compared to analyst estimates of $40.87 million. Sell-side analysts forecast that Mid Penn Bancorp, Inc. will post 2.61 earnings per share for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 27th. Investors of record on Friday, May 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.77%. Mid Penn Bancorp's dividend payout ratio is presently 34.63%.

Insider Buying and Selling

In other Mid Penn Bancorp news, Director Soto Matthew G. De bought 9,615 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were bought at an average price of $20.76 per share, for a total transaction of $199,607.40. Following the acquisition, the director now directly owns 79,190 shares of the company's stock, valued at approximately $1,643,984.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Theodore W. Mowery acquired 2,000 shares of the firm's stock in a transaction on Friday, March 15th. The stock was purchased at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the purchase, the director now owns 31,540 shares in the company, valued at approximately $644,046.80. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Soto Matthew G. De acquired 9,615 shares of the firm's stock in a transaction on Monday, April 29th. The stock was purchased at an average price of $20.76 per share, with a total value of $199,607.40. Following the purchase, the director now owns 79,190 shares in the company, valued at approximately $1,643,984.40. The disclosure for this purchase can be found here. Insiders have acquired 12,031 shares of company stock worth $248,893 in the last quarter. Insiders own 9.90% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in Mid Penn Bancorp by 15.0% during the fourth quarter. SG Americas Securities LLC now owns 8,052 shares of the financial services provider's stock valued at $196,000 after purchasing an additional 1,050 shares during the period. Bank of New York Mellon Corp increased its holdings in Mid Penn Bancorp by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 92,565 shares of the financial services provider's stock worth $1,863,000 after acquiring an additional 1,176 shares during the last quarter. LSV Asset Management raised its stake in Mid Penn Bancorp by 1.3% in the 4th quarter. LSV Asset Management now owns 116,078 shares of the financial services provider's stock valued at $2,818,000 after acquiring an additional 1,500 shares during the period. Endeavour Capital Advisors Inc. lifted its holdings in Mid Penn Bancorp by 2.0% during the third quarter. Endeavour Capital Advisors Inc. now owns 110,187 shares of the financial services provider's stock valued at $2,218,000 after purchasing an additional 2,136 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in Mid Penn Bancorp by 7.8% during the first quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider's stock worth $626,000 after purchasing an additional 2,275 shares during the period. Hedge funds and other institutional investors own 43.11% 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.